EFTA Document EFTA01451170

9 January 2014 FX Blueprint: Thin end of the wedge External accounts highlight major vulnerability Japan's balance of payments still promises a brisk tailwind for yen weakness. The trade account has deteriorated further, against most expectations of stabilization. This is overwhelmingly an oil and gas story, though lackluster external shipments and strengthening domestic demand are supplementary issues. Net FDI outflows a similar-sized drag that is only likely to get bigger even if the