EFTA Document EFTA01461159

weaken unless the US economy strengthens, Japanese stock markets will not rally unless the yen weakens, and Abenomics will not succeed unless the yen weakens and the stock markets rally. Fortunately, we believe the Abe administration will continuously benefit from a robust US upswing in 2014. with the USD/JPY having languished for nearly half a year, the markets had come to anticipate a rate of only around 1105 for end-2014, a considerably cautious view. Market forecasts tend to be simply