EFTA Document EFTA01449261

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 17: BoJ Balance Sheet Yet To Grow As Fast As Fed Or ECB 35% central bank balance sheet as share of GOP 30% 25% 20% 10% 5% 0% 00 Fed Sco,:•!. C!"..9!!!et‘r... 02 04 06 OB 10 12 Figure 18: Japan's Narrow Basic Balance of Payments Very Negative 20 15 10 5 90 100 ^:to 20 130 140 ~BobBVnu12Nsun 150 uSttiltY (non .5 160 4en91 JanS4 Jan97 Jan00 Jan-33 Jan.36 Jan-39 Jan-12 CNY, EUR, JPY and the rest