EFTA Document EFTA01449362

28 February 2013 Exchange Rate Perspectives Deutsche Bank Figure 17: BoJ Balance Sheet Yet To Grow As Fast As Fed Or ECB 35% -1 central bank balance sheet as share of GDP 30% 25% 20% 15% 1 ice ~ 10% -I 5% 0% 00 Fed 02 04 OS 08 10 12 5c.r:* Don.he Sr*. ec.;vid. Figure 18: Japan's Narrow Basic Balance of Payments Very Negative 20 15 10 5 90 too 110 40 100 140 -Bob Batons 121d van 160 USCOPf (right stii, 4veilid) .5 160 Janet Jan.94 Jan97 Jan00 Jan-33 Jan-36