d clearly points to higher wage costs going forward, requiring proactive efficiency-enhancing investment by corporates. Bottom-up data capex data for MSCI Japan also suggest that the investment cycle has troughed and will pick up next year as earnings momentum improves (Chart 19). Chart 18: Japan's labor pro

0%. ikioneyNet Money Funds (A)h Tax-Free Average' 2 0% Growth & Income: Equities: S&P 500: 22.5%. Russell 2000 index. 2.0% MSCI Europe Index' 12.0% MSCI Japan Index. 3.0%. MSC! Pacific Free ex-Japan Index' 2.5% MSC' Emerging Markets Index. 6.5%. Fixed Income: Barclays Municipal ShorVintermediate Index. 30.