Epstein Secrets

ow appreciate freely if Eurozone data keeps improving. BoJ only dovish major central bank The BoJ left its policy unchanged this week and Governor Kuroda justified the current policy framework amid sluggish price developments. With little expected from the BoJ prior to the meeting, it was a non-event

al 10 year yield based on headline CPI 6 5 4 3 1 0 -1 -2 -3 -4 97 99 01 03 05 07 09 11 13 15 17 —US —Japan —Euro Area Source Bloomberg Chart 12: The term premium means that currencies maintain a positive spread between their 2 year and their 10 year interest 2Y10Y goverment bond y

ding out for the eventual benefits of (Schumpeterian) creative destruction, while Shirakawa was resigned to the structural drag from demographics. Kuroda has taken a leaf out of the Fed's much more activist playbook, raising the stakes (promising almost three times as much QE) and taking a lead in ta

250bn u/weight 02 05 Source: Deutsche Bank, Bloomberg Finance LP 08 11 Swiss Franc Is Last "Safe Hav

n the right direction. Asian markets mostly higher overnight with Japan once again in the lead as the Nikkei inches closer to May's high. The BOJ's Kuroda gave another speech and essentially reiterated previous comments to the Diet: expect economy to grow above potential, commitment to +2.0% inflation,

Long S&P 500 / Short AUD (reflects key macro themes for 2014) • Barclays said to plan "role-based pay" for some employees to counter EU bonus caps (Bloomberg) (trading +0.54%) • Fresenius: US scraps medicare cuts, keeps 2014/15 dialysis bundles flat & allow for inflation adjusters (trading +8.4%) • Bab

2016 Source: BofA Merrill Lynch Global Research, Bloomberg Bankof America Merrill Lynch Global Rates, FX & E

if Draghi succeeds, the Euro could strengthen in the meantime. In contrast, the Bo)’s new framework should address the sustainability challenges that Kuroda faced this year, and allows more fiscal stimulus by keeping the government’s borrowing costs at zero. The ECB cannot do this, in our view. We have be

0yr JGB. However, the Bo) appears to be concerned about the deterioration of financial institution earnings caused by flattening of the yield curve. Kuroda said that even if superlong-term yields rose slightly, he did not believe they would have to be lowered. He went on to say he was also giving conside