Epstein Secrets

e appreciation of the yen, once again pushing the Bank of Japan’s (BOJ’s) 2% inflation target further into the futu

u of Labor Statistics BOE: Bank of England BOJ: Bank of Japan CAGR: compound annual growth rate CDS: credit de

the local equity markets and adjusted the trading band around the renminbi, and by 104 basis points in l

75 70 65 60 55 50 1/1/2010 5/1/2011 8/4/2012 = 1/1/2014) 5/1/2015 = 9/1/2016 Source: BofA Merrill Lynch Global Research true against the JPY given the Bank of Japan is pegging 10y JGB yields at zero. We are cognizant of the possibility that the willingness of Japanese investors — who have already bought record am

5 10 20 45 a= BofA-ML SGD NEER 5 === lower end of band 10 ——= mid-point 0 —— upper end of band eS & es &

last week’s biggest losers were Korea’s KOSPI and India’s NIFTY, which each returned -0.8% week-over-week. In Japan, the Nikkei fell 0.3%. On Friday, the Bank of Japan (BoJ) left its monetary policy unchanged—it will continue to control the yield curve via its negative benchmark rate and its asset purchasing program

d PRA are availab| hange Act in Japan; is issued Band Merrill Lynch (S ia) Limited (ABN 65 006 276 795)

it ever was "Once in a Lifetime" is a song by the band Talking Heads. It has come to mind repeatedly as

believe inflation comes after growth and therefore isn't a threat to this cycle of easy monetary policy. We expect the Fed, European Central Bank and Bank of Japan will continue to promote "easy money." There is going to be an inflation shock that will come with accelerating growth-we just don't see it next year