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

obtain your own independent tax advice based on your particular circumstances. Distributing Entities. This material has been approved for issue in the United Kingdom solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by GSI, Peterborough Court, 133 Fleet Street, London EC4A 2BB; b

d 1.9% in CY16 (Chart 13). One explanation is that private consumption is simply being underestimated in demand- side GDP statistics: researchers at the Bank of Japan recently produced experimental supply-side estimates of GDP that were significantly higher than existing expenditure- side statistics. We find the Bo

scribed at http://go.bofa.com/coi. ments linked to securities that may have been recommended in this report. MLPF&S or one of its located outside of the United Kingdom. BofA Merrill Lynch Global Researc MLPF&S or one of its affiliates is a regular issuer of traded financial instru time, hold a trading position (long

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

o not apply in ime, hold a trading position (long or short) in the securities and financial instruments discussed in this report. ocated outside of the United Kingdom. BofA Merrill Lynch Global Research policies relating to conflicts of interest are described at http://go.bofa.com/coi. LPF&S or one of its affiliate

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

ncy rates of exchange may adversely affect including ADRs, effectively assume currency risk. UK Readers: The protections provided located outside of the United Kingdom. BofA errill Lyne h Global Researc| MLPF&S or one of its affiliates is a regular issuer of traded financial instru time, hold a BofA Merrill w r