. of quarters from peak: Japan Q1-90, Euro area and US Q4-07, China Q4-09 Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg Finance LP, BIS, Bank of Japan, Federal Reserve, ECB, PBoC, CNBS, Eurostat, BEA Euro area REER (100 at t=0) US China -1 0 1 2 3 4 5 6 -20 -16 -12 -8 -4 0 4 Figure