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Dear R. Hunter,


Following my recent trip to Washington DC, I have recorded a podcast
that details my key findings from the trip and analyzes recent
developments in Japan and Europe. Key conclusions in the podcast
include:

The sequester will not be averted by March 1 st , and this will hurt GDP
growth in the second quarter even if it is eventually reversed

The inconclusive results of the Italian election have partially
reignited the eurozone crisis, with bond yields already rising
materially in Italy

The likely forthcoming announcement of Haruhiko Kuroda as the new
governor of the Bank of Japan means that the Bank's balance sheet will
expand dramatically during 2014

You can access the podcast for the next two weeks by entering the
following dial-in details:

• Dial-in Number: 1-347-614-1000

• Passcode: 578332

Additionally, I have attached a revised version of my recent report on
Japan's monetary policy that includes important quotes from Richard Katz
of the Oriental Economist

http://www.orientaleconomist.com/index.html

, which puts the current yen valuation and past BOJ easing efforts in
historical context.

As always, we welcome any questions or comments.


With all best wishes,

David Hale

Chairman

David Hale Global Economics, Inc.

546 Lincoln Avenue, 2 nd Floor

Winnetka, Illinois 60093 USA

847-386-6009 (tel)

847-386-6011 (fax)

davidhale@davidhaleweb.com

LinkedIn Profile

http://www.linkedin.com/pub/david-hale/18/ba8/595

http://davidhaleweb.com

http://davidhaleweb.com/

http://whatsnextbook.com

http://whatsnextbook.com/

Copyright 2013, David Hale Global Economics Inc. All rights reserved.
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