EFTA01449326.pdf

30 July 2013 Exchange Rate Perspectives: FX 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 Fb.n 12-month 1.10 150 Fbvn *Woad 150 . 11n10 Ba be Caroling Foreign inflows 1.05 —CAD/USO - Quenon? gessreee hsl 100 —Net Few. 100 100 1.00 0.95 60 50 50 0.90 0.85 0 0 0 0.80 0.75 -so -so .50 0.70 -100 -100 0.65 -100 0.60 450 -150 J11891 J118-96 J11899 Jima J11807 J81-11 Jan-91 J arb94J an-97J arbOOJant0 Jana:81.809Jan.* &mat Oa FXRamorbi Hint Seam' 08FXsllWan auHOW ['Figure 21: Net equity outflows continue unabated Figure 22: while net debt inflows have started moderating front record highs. 60 60 125 —Claellin HOW. Abroad —Centl en Few, aspect r 125 acearailltebwit Foreign Inrbvn 100 .. Met Debt Fbers F100 40 Equity Flores 40 75 76 20 20 60 F so 0 0 25 -20 - -20 0 40 -40 .25 .25 -60 -60 -60 -60 430 -80 .76 .75 Jan-91 Jan-94 Jan-97 Jan430 Jan-03 Jan-06 Jan-09 Jan-12 J an-91 J ara94Jan-97 Jan-00Jen-03 Jan-CS J ark09J en-12 Sense 08FX Aommen aV leer Sane DBIXRommelroeMw 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 r\\: 16 1 so 100 .2 10 110 -5 -5 120 130 -e 0 140 .11 .11 . Bsta Barnes 12M sum -began , 160 Neal linesmen n Jew by 5188888 USINSFY eight scab. inverlocil -14 -14 5 160 lam Inset:MOM Absial by wasturars Janal Jan44 Jan-97 Jena° Jan.03 Jan.06 Jan09 Jen.12 Jan-91 Jan.94 Jana? Jan-00 Jana Jon-OS Jan09 Jan.12 San OD <XItimmick MOP, relHew Saint OBINAmnia as MOP Page 28 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 104684 CONFIDENTIAL SDNY_GM_00250868 EFTA01449326