iters° —EURCHFOnveited. 094 aso 015 1.00 1.06 1.10 1.16 1.20 1.26 1.30 Oera.13 Dee-14 Deo-16 Dee-16 Dee-17 Son Daastea Bardc. aboyemp News LP Figure 30: CHF/JPY is particularly cheap not just on standard PPP but also on equity prices 180 100 x average F1.0e1 CH Ft:FY on xiltstBre PIE ra