EFTA01449224

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 150 .—hontillo Flaws 12-month —Sark lace 40 Wing 100 CAMS° - Quenon? &Lena,...) IS 50 -100 Jun-91 Jun-96 Jun-99 J tin-03 Jun-07 San 08 FP Rana\ awl net Jun-11 1.10 1.05 1.00 0.95 0.90 0.85 0.60 0.75 0.70 0.65 0.80 !fallen from record highs 160 100 60 0 -50 news *Woad Foreign inflows —Net Ebb. 150 100 50 0 -so -100 -100 -150 -150 Jan-91 J an-94J an-97 J an.00Jant0 Jan06J an-09 Jan-12 SCCIOD: 08FX nista au new I ['Figure 21: Net equity outflows continue unabated Figure 22: while net debt inflows have started moderating front record highs. 80 —ConceVan Fbwa Abort 60 rimer Inlbets 40 40 —Net Equity Flown 20 20 0 0 -20 - -20 40 -40 -60 -60 -80 -80 Jan-91 Jan-94 Jan-97 Jan-03 Jan-03 Jan-06 Jan-09 Jan-12 Sauey OS FX north sr:lamer Japan (JPY trillion) I Figure 23: The negative basic balance has been accelerating recently... 20 16 10 5 0 -s Janal JeniS4 Jan-97 Jan00 Jan.03 isr.06 Jan09 Jen.12 r\\: Basic Barnes 12M sum USCVJFY night scab. ewer:4 San Oft <Xiamen. MOP, sal Maw 70 eo so 100 110 120 -5 130 140 .11 160 - 150 14 125 —Cenallall FbW11 Abroad r 125 Po mg a Inflows 100 -- Met Debt PE ,'" F100 75 75 60 F SO 25 0 .25 .25 -60 -60 .75 .75 Jan-91 J 4.94Jan-97 Jan-00Jen-03 Jarkte J an-09J an-12 San DB PP Ronal pal lame (Figure 24: ...as net FDI outflows remain large Page 28 —Neff Di Doe ca linesmen n Japan by ku•Snera Ma a Investment Ababa] by aristkints Jan-91 Jan.94 Jana? Jan -00 ian.03 Jan -OS PrnO3 Jan-12 San OF IX inn as MOP 4 -5 -8 .11 -14 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0104541 SDNY_GM_00250725 EFTA01449224