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Dear R. Hunter,

After more than a half decade of unconventional monetary policies being
employed by the world's leading central banks, a new trend is emerging.
While the US and UK are winding down their use of nontraditional
policies as their economies improve, Japan's use of such policies is set
to escalate. Attached you will find my latest report, "The End of
Unconventional Monetary Policy," which explores these issues in greater
depth.

As always, we welcome any questions or comments.

With all best wishes,

David Hale

Chairman

David Hale Global Economics, Inc.

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