📄 Extracted Text (318 words)
30 July 2013
Exchange Rate Perspectives: EX and the Financial Transaction Tax
Figure 19: Portfolio inflows seem to have peaked after an Figure 20: as foreign Interest in Canadian securities has
upsurge since 2008 !fallen from record highs
150 .—hontillo Flaws 12-month 1.10 160 news *Woad 150
—Sark lace 40 Wing Foreign inflows
1.05
CAMS° - Quenon? &Lena,...) IS 100 —Net Ebb. 100
100 1.00
0.95 60 50
50 0.90
0.85 0 0
0.60
0.75
-50 -so
0.70 -100 -100
0.65
-100 0.80 -150 -150
Jun-91 Jun-96 Jun-99 J tin-03 Jun-07 Jun-11 Jan-91 J an-94J an-97 J an.00Jant0 Jan06J an-09 Jan-12
San 08 FPRana\ awlnet SCCIOD:08FXnista aunew I
['Figure 21: Net equity outflows continue unabated Figure 22: while net debt inflows have started
moderating front record highs.
80 60 125 —Cenallall FbW11 Abroad
—ConceVan Fbwa Abort r 125
Po mg a Inflows
rimer Inlbets 100 -- Met Debt PE ,'" F100
40 40
—Net Equity Flown
75 75
20 20
60 F SO
0 0
25
-20 - -20
0
40 -40 .25 .25
-60 -60 -60 -60
-80 -80 .75 .75
Jan-91 Jan-94 Jan-97 Jan-03 Jan-03 Jan-06 Jan-09 Jan-12 Jan-91 J 4.94Jan-97 Jan-00Jen-03 Jarkte J an-09J an-12
Sauey OSFXnorthsr:lamer San DBPPRonalpallame
Japan (JPY trillion)
I
Figure 23: The negative basic balance has been
accelerating recently...
(Figure 24: ...as net FDI outflows remain large
20 70 4
eo
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16 so
100
10
110
-5 -5
120
5
130 -8
0 140 .11 .11
Basic Barnes 12M sum —Neff Di
160 Doe ca linesmen n Japan by ku•Snera
USCVJFY night scab. ewer:4 -14 -14
-s 150 Ma a Investment Ababa] by aristkints
Janal JeniS4 Jan-97 Jan00 Jan.03 isr.06 Jan09 Jen.12 Jan-91 Jan.94 Jana? Jan -00 ian.03 Jan -OS PrnO3 Jan-12
San Oft <Xiamen. MOP, salMaw San OFIXinn as MOP
Page 28 Deutsche Bank Securities Inc.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104541
CONFIDENTIAL SDNY_GM_00250725
EFTA01449224
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