7/30/2019 The Opportune Time Newsletter
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VOLUME II ISSUE XIV December 17, 2012
Executive
Summary Dont Fight the Fed 2
Game May be Over for
Super Mario 4
Hawks Flying OverJapan 6
To keep connected between issues:www.theopportunetime.com
Copyright 2012 by The Opportune Time, LLC. All Rights Reserved.
After announcing a new quantitative easing program,
the Fed is poised to steepen the Treasury yield curve.
In Europe, Italy returns to the spotlight after Mario
Monti's resignation announcement inserts a new dose
of political uncertainty into the European sovereign
debt crisis. Finally, we expect a relatively aggressive
monetary policy in Japan following a rhetorically
hawkish campaign from Shinzo Abe, leader of the
victor of the latest general elections, the Liberal
Democratic Party.
Photo courtesy of Journey to Alpha
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VOLUME II ISSUE XIV THE OPPORTUNE TIME December 17, 2012
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Dont Fight the FedRisk assets across the world generally
outperformed those in the United States (U.S.)
last week. The benchmark Standard & Poors
500 Index (S&P 500) ended the week down
0.32% after midweek gains that followed the
Federal Reserve (Fed)s announcement of a new
quantitative easing (QE) program. The S&P
500s fellow indices, the Nasdaq and Dow Jones
Industrial Average (DJIA) followed a similar
trend, finishing down 0.23% and 0.15% as Fiscal
Cliff talks continued in Washington and Apple(AAPL) continued to struggle.
The Feds monetary policy stance remains
unsurprisingly dovish after President Obamas
re-election in early November. The latest
Federal Open Market Committee (FOMC)
meeting on December 11and 12 unveiled two
fresh measures. As expected, the Fed will follow
up on the expiration ofOperation Twistwith the
purchase of longer-end Treasury securities at
the pace of $45 billion per month, a program we
now refer to as QE3s. In addition to the $40
billion per month purchase ofmortgage-backed
securities (MBS) announced in September,
QE3s is set to expand the Fedsbalance sheet to
$85 billion per month. For the first time sincethe financial crisis, forward guidance on the
benchmarkfederal funds rate will be based on
economic thresholds. Instead of committing to
virtually zero interest rates until 2015,
Chairman Ben Bernanke and company decided
that this target range will be appropriate as
long as the unemployment rate is above 6.5%,
inflationbetween 1 to 2 years ahead is no morethan 0.5% above the long-run target of 2.0%,
and longer-term inflationary expectations
remain well-anchored.
In our view, QE3s is undertaken in light of the
most pressing economic headwind, the fiscal
cliff. Although risk asset markets remain
generally optimistic of a bipartisan resolution ofsome sort by the January 1 deadline the
Standard & Poors 500 pared losses since the
Despite the recent S&P 500 (red) rally, U.S. consumption indicators such as retail sales (orange) and CPI (blue) are
moderating, showing that the fiscal cliff has started to weigh on consumer sentiment. |Image courtesy of Ycharts
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VOLUME II ISSUE XIV THE OPPORTUNE TIME December 17, 2012
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post-election selloff the Fed is not taking any
chances via inaction. In fact, the recent equities
rally may well be driven by expectations of
further monetary easing. Without the Feds
action, the mild risk-off behavior could have
easily gone into overdrive. With the budget
negotiations currently gridlocked, the onus was
arguable on the Fed to support market
sentiment. Mixed economic data of late may
also signal short-term weakness ahead. Despite
the lower unemployment rate of 7.7% in
November discussed in Volume II, Issue XIII,
consumption-related indicators such as
consumer sentiment,retail sales, and consumer
price index (CPI) all disappointed on the
downside in December. The absence of further
monetary stimulus from the Fed thus had the
possibility of undoing the effects of the labor
and housing market recovery so far.
From a fixed income perspective, we think thatQE3s is likely to steepen the U.S. Treasuryyield
curve over the next few months. First, the
unsterilized purchasing of Treasuries could
elevate inflationary expectations, prompting
nominal yields to rise on the long-end of the
curve. Over the past 15 months, the Fed had
financed the purchase of long-end Treasuries
with proceeds from the sale of short-end ones.
With the demise of Operation Twist, the central
bank will have to create reserves effectively
printing money to continue buying long-
term Treasuries. Similar to previous QE
editions, the additional liquidityin the financial
system could weaken the U.S. dollar (USD) and
trigger price inflation. Already, the spread
between 10-year Treasury Inflation Protected
Securities (TIPS) and 10-year Treasury notes, a
market gauge of inflationary expectations,increased to 2.51% ahead of the latest QE
announcement.
Second, long-end Treasury yields could also
remain elevated via the so-called portfolio
balancing channel. Theoretically at least,
unconventional monetary policy in the form of
asset purchases should lower the yields of these
assets and push yield-
seeking investors to otherassets with similar characteristics like credit risk
or duration. For example, investors who sold
MBS to the Fed may replace them with
investment-grade corporate bonds, thus
lowering corporate borrowing costs. Depending
on the size of the Fed intervention, the
displacement of privately-held Treasury bonds,
for example, may raise long-end yields and
steepen the yield curve.
Third, there should be less upward pressure on
short-term yields when the Fed stops selling
Treasury notes, thereby creating a steeper yield
The 10-year TIPS-Treasury spread has spiked after every
previous QE episode. |Image courtesy of Ycharts
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VOLUME II ISSUE XIV THE OPPORTUNE TIME December 17, 2012
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curve. If anything, short-term yields could face a
downward bias as risk-averse investors seek to
readjust their portfolios in favor of safe haven
assets ahead of the fiscal cliff. The market may
also view the use of economic thresholds inforward rate guidance positively as it lowers the
uncertainty on when the Fed could normalize
rates again. Given that both the unemployment
and inflation rates are projected to be at least 3
years away from the target thresholds, the
federal funds rate should remain zero-bound for
a while, putting more downward pressure on
short-term yields.
In light of a steepening Treasury yield curve, we
recommend a market neutral fixed income
trade: buying short-end bills (i.e. 2
-year bills)
and short-selling long-end bonds (i.e. 20-year
bonds). This strategy only captures the relative
rates along the curve and provides upside in all
three possible scenarios that constitute a
steepening yield curve: the price of the short-
end rising, the price of the long-end falling, or
both. Since the prices of long-end Treasuries are
more sensitive to interest rate changes than
short-end Treasuries, investors should also
weigh their long-short positions based on the
relative level of price sensitivity of the two
Treasuries. This weighing of positions is also
known as a hedge ratio. For example, if a 20-
year bond is 10 times more sensitive to a 1basis
point (bps) change in interest rate than a 2-year
bill, then the long position on the 2-year bill
should be 10 times larger than the short position
on the 20-year bond. To take advantage of a
steepening Treasury yield curve, investors can
also look into specific exchange-traded notes
(ETN) such as the iPath U.S. Treasury Steepener
ETN (STPP). In line with our investment thesis,
the price of STPP has risen while that of the
iPath U.S. Treasury Flattener ETN (FLAT) has
fallen since the announcement of QE3s.
Game May be Over for Super Mario
On the other hand, European indices like
Germanys Deutscher Aktien Index (DAX) and
Englands FTSE 100 Index outperformed their
American counterparts, ending the week up
0.19% and 0.27% respectively. European
markets did suffer a brief setback early in the
week, however, after Italian Prime Minister
Mario Monti announced that he would be
resigning after the authorization of Italys 2013
budget. The budget should be approved before
The iPath UST Steepener ETN (orange) and the iPath
UST Flattener ETN (green) have risen and fallen
respectively this month. |Image courtesy of Bloomberg
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VOLUME II ISSUE XIV THE OPPORTUNE TIME December 17, 2012
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Parliaments Christmas break, and a snap
election is now expected in February to find
Monti's replacement. The FTSE Milano Italia
Borsa (FTSE MIB), Italys benchmark index, fell
3.3% following the announcement.
Monti's resignation came as a surprise to the
two individuals intending to run in the general
election originally planned for April. Pier Luigi
Bersani of the Democratic Party and former
Prime Minister Silvio Berlusconi of the People
of Freedom Partywill both be seeking office,
hoping to shed their respective past problems inthe minds of moderate voters. Monti will
announce his future intentions via a national
speech at an unspecified date in the future.
Monti was often criticized by Italians for raising
taxes and generally failing to overcome
Parliament in order to enact structural reforms
aimed at reducing spending. Nonetheless, Monti
did help resist unpopular German austerity
policies, often siding with French and Spanish
policymakers in helping avoid what they felt
were excessive measures. However, many like
Berlusconi feel that he was not strong enough
against German Chancellor Angela Merkel.
According to a poll by the Financial Times and
Harris, 83% of Italians believe that Germanys
influence in the European Union (EU) is too
strong. Berlusconi has already begun taking
advantage of the sentiment, accusing Monti of
implementing German-centric policies.
With Merkel also facing an election in 2013,
Monti's successor, and his relationship with
other euro area policymakers, will be important
in the success or failure of EU austerity
measures championed by Merkel in the coming
months. The euro area remains sluggish, with
industrial output falling 1.4% in October and a
flash Purchasing Managers Index (PMI)
indicating an ongoing contraction with an under
-50 reading of 47.3 so far for the month of
December. We expect to see an increase in talks
following the fiscal negotiations in the U.S., as
European policymakers assess the post-fiscal
cliff markets and prepare to push policies ahead
of elections. Given the renewed political
uncertainty in the region, we also expect the
equity and debt markets to be fairly volatile in
the coming months.
Pier Luigi Bersani (left), Mario Monti (middle), and
Silvio Berlusconi (right) will bring Italy back into the
euro area spotlight in the coming months. | Photo
courtesy of Lettera43
http://www.theopportunetime.com/http://www.theopportunetime.com/http://en.wikipedia.org/wiki/Snap_electionhttp://en.wikipedia.org/wiki/Snap_electionhttp://en.wikipedia.org/wiki/FTSE_MIBhttp://en.wikipedia.org/wiki/FTSE_MIBhttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDcQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FPier_Luigi_Bersani&ei=1nbPUO-8Joe6iwKkl4HACw&usg=AFQjCNFjJp-j-SfXmXj1eTKDnyNf0dpeXw&sig2=k7caSX3Zo7HTmP5gdxgxsg&bvm=bv.1355325884,https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDcQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FPier_Luigi_Bersani&ei=1nbPUO-8Joe6iwKkl4HACw&usg=AFQjCNFjJp-j-SfXmXj1eTKDnyNf0dpeXw&sig2=k7caSX3Zo7HTmP5gdxgxsg&bvm=bv.1355325884,https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDcQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FDemocratic_Party_(Italy)&ei=AnfPUOmPAejoiwKwhYEQ&usg=AFQjCNGEKovfaRuLeijAH49-GeMMKwsCuw&sig2=K2lwRfxzPH80NBag7lACzA&bvm=bv.1355325https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=4&cad=rja&sqi=2&ved=0CEMQFjAD&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FSilvio_Berlusconi&ei=4HbPUKqhOqqWjAKH8YCgAQ&usg=AFQjCNEcdrR-CSLoUGxM0iH_8F1Wr8PJiQ&sig2=20cDXvNcX5MsFmYU2ZiY0A&bvm=bv.135532http://en.wikipedia.org/wiki/The_People_of_Freedomhttp://en.wikipedia.org/wiki/The_People_of_Freedomhttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDgQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FAngela_Merkel&ei=4XjPUJiPFanrigKBq4CYBQ&usg=AFQjCNGasqtbfgmdW6rOWe7aH27JeQfGYA&sig2=BH44cWZTzpWcMmtjqMezJA&bvm=bv.1355325884,d.cGEhttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDgQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FEuropean_Union&ei=-3nPUP_XLsHqiwLE-IFg&usg=AFQjCNFy3n9-1oeHSss9EorMgrjEMcn7ew&sig2=bTeSq1xqg__ahS2m-wWckA&bvm=bv.1355325884,d.cGEhttp://www.theopportunetime.com/term.php?term=euro-areahttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDgQFjAA&url=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fp%2Fpmi.asp&ei=oaTPUInyDsnniALu7YHQAw&usg=AFQjCNF5KaLZXKP4B_LswyF-0qzCjfQpKQ&sig2=-I_dYU7Xemw-XbN9V0fFfg&bvm=bv.1355534169https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDgQFjAA&url=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fp%2Fpmi.asp&ei=oaTPUInyDsnniALu7YHQAw&usg=AFQjCNF5KaLZXKP4B_LswyF-0qzCjfQpKQ&sig2=-I_dYU7Xemw-XbN9V0fFfg&bvm=bv.1355534169http://www.theopportunetime.com/term.php?term=euro-areahttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDgQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FEuropean_Union&ei=-3nPUP_XLsHqiwLE-IFg&usg=AFQjCNFy3n9-1oeHSss9EorMgrjEMcn7ew&sig2=bTeSq1xqg__ahS2m-wWckA&bvm=bv.1355325884,d.cGEhttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDgQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FAngela_Merkel&ei=4XjPUJiPFanrigKBq4CYBQ&usg=AFQjCNGasqtbfgmdW6rOWe7aH27JeQfGYA&sig2=BH44cWZTzpWcMmtjqMezJA&bvm=bv.1355325884,d.cGEhttp://en.wikipedia.org/wiki/The_People_of_Freedomhttp://en.wikipedia.org/wiki/The_People_of_Freedomhttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=4&cad=rja&sqi=2&ved=0CEMQFjAD&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FSilvio_Berlusconi&ei=4HbPUKqhOqqWjAKH8YCgAQ&usg=AFQjCNEcdrR-CSLoUGxM0iH_8F1Wr8PJiQ&sig2=20cDXvNcX5MsFmYU2ZiY0A&bvm=bv.135532https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDcQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FDemocratic_Party_(Italy)&ei=AnfPUOmPAejoiwKwhYEQ&usg=AFQjCNGEKovfaRuLeijAH49-GeMMKwsCuw&sig2=K2lwRfxzPH80NBag7lACzA&bvm=bv.1355325https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDcQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FPier_Luigi_Bersani&ei=1nbPUO-8Joe6iwKkl4HACw&usg=AFQjCNFjJp-j-SfXmXj1eTKDnyNf0dpeXw&sig2=k7caSX3Zo7HTmP5gdxgxsg&bvm=bv.1355325884,https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDcQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FPier_Luigi_Bersani&ei=1nbPUO-8Joe6iwKkl4HACw&usg=AFQjCNFjJp-j-SfXmXj1eTKDnyNf0dpeXw&sig2=k7caSX3Zo7HTmP5gdxgxsg&bvm=bv.1355325884,http://en.wikipedia.org/wiki/FTSE_MIBhttp://en.wikipedia.org/wiki/FTSE_MIBhttp://en.wikipedia.org/wiki/Snap_electionhttp://en.wikipedia.org/wiki/Snap_electionhttp://www.theopportunetime.com/7/30/2019 The Opportune Time Newsletter
6/8
VOLUME II ISSUE XIV THE OPPORTUNE TIME December 17, 2012
WWW.THEOPPORTUNETIME.COM PAGE 6
Hawks Flying Over Japan
Japans Nikkei 225 rallied to a gain of 0.94%
today after the Liberal Democratic Party(LDP)
won the countrys general election on Sunday.
The victory for LDP means that incumbent
Prime Minister Shinzo Abe will retain his
position for a second term.
The LDPs reelection comes at a stressful time
for Japan. Economically, the country remains in
a recession InVolume II, Issue Xwe discussed
Japans rising debt to gross domestic product
(GDP) ratio, which continues to threaten its
growth. Additionally, a rising level of foreign
investment in Japan amid global uncertainty
from fiscal concerns in the U.S. and the
European sovereign debt crisis is weighing on
bond yields. Politically, the country is in a
diplomatic stalemate with China, in large part
over the Senkaku Islands.
Abes hawkish campaign rhetoric, in which he
stated his intention to expand monetary policy
in an effort to maintain strict inflation targets,
seems to have gone over well with voters who
are hoping for an improvement to their slowing
country. Abe is likely to pursue more controlover the Bank of Japan (BoJ) in an effort to
secure his ideas in the central banks policies, as
he suggested in his campaign. One way to do so
would be through the appointment of new BoJ
officials, albeit a move that the LDP would not
be able to make without the support of the
House of Councillors in the National Diet,
Japans bicameral legislature.
The Japanese Yen (JPY) has already reacted to
the election results by falling to 0.0119 against
the USD, its lowest level since March. The JPY
will likely see further weakening if Abe succeeds
in influencing an increase to monetary policy in
order to hit an inflation target of 2% - 3%.
Although such policies may already be priced
into the currency markets, investors may be able
to benefit in the equity markets.
Despite the poor performance of Japanese
companies like Sony (SNE) and Sharp (SCHAY)
Shinzo Abe will be expected to help Japan return to
growth while remaining tough against China without
escalating the conflict. | Photo courtesy of
Guardian.co.uk
As the JPY weakens, 1 USD is worth an increasing
number of JPY. |Image courtesy of Financial Times
http://www.theopportunetime.com/http://www.theopportunetime.com/http://www.theopportunetime.com/term.php?term=Nikkei-225https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDcQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FLiberal_Democratic_Party_(Japan)&ei=hZXPULvIG4feigLS0YEo&usg=AFQjCNFGAj9SxPVh6Rjtiiy_5jHQ-PArAA&sig2=E87J-cFGw31CV2UuTyhxIg&bvm=bvhttp://en.wikipedia.org/wiki/Shinz%C5%8D_Abehttp://www.theopportunetime.com/term.php?term=recessionhttp://www.theopportunetime.com/archive/The-Opportune-Time-Volume-II,-Issue-X.pdfhttp://www.theopportunetime.com/term.php?term=gross-domestic-producthttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDgQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FEuropean_sovereign-debt_crisis&ei=e5bPUKucOqasigKqiYD4Aw&usg=AFQjCNE9W7S0qJ7es-GJNa1D3mvX7r1TCg&sig2=mBoWgC1xw5fYQv6Qj1e_Vg&bvm=bvhttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&ved=0CEMQFjAB&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FSenkaku_Islands_dispute&ei=EIvPUPGVDeLIigKV5IGgDw&usg=AFQjCNEYi7TNSLBdxPg1iQ96q17EOQCiqg&sig2=QQvHIM3lhQ9a9n4KBI71sA&bvm=bv.135532http://www.theopportunetime.com/term.php?term=hawkishhttp://www.theopportunetime.com/term.php?term=monetary-policyhttp://www.theopportunetime.com/term.php?term=inflationhttp://www.theopportunetime.com/term.php?term=Bank-of-Japanhttp://www.theopportunetime.com/term.php?term=central-bankhttp://en.wikipedia.org/wiki/National_Diethttp://en.wikipedia.org/wiki/National_Diethttp://www.theopportunetime.com/term.php?term=central-bankhttp://www.theopportunetime.com/term.php?term=Bank-of-Japanhttp://www.theopportunetime.com/term.php?term=inflationhttp://www.theopportunetime.com/term.php?term=monetary-policyhttp://www.theopportunetime.com/term.php?term=hawkishhttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&ved=0CEMQFjAB&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FSenkaku_Islands_dispute&ei=EIvPUPGVDeLIigKV5IGgDw&usg=AFQjCNEYi7TNSLBdxPg1iQ96q17EOQCiqg&sig2=QQvHIM3lhQ9a9n4KBI71sA&bvm=bv.135532https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDgQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FEuropean_sovereign-debt_crisis&ei=e5bPUKucOqasigKqiYD4Aw&usg=AFQjCNE9W7S0qJ7es-GJNa1D3mvX7r1TCg&sig2=mBoWgC1xw5fYQv6Qj1e_Vg&bvm=bvhttp://www.theopportunetime.com/term.php?term=gross-domestic-producthttp://www.theopportunetime.com/archive/The-Opportune-Time-Volume-II,-Issue-X.pdfhttp://www.theopportunetime.com/term.php?term=recessionhttp://en.wikipedia.org/wiki/Shinz%C5%8D_Abehttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDcQFjAA&url=http%3A%2F%2Fen.wikipedia.org%2Fwiki%2FLiberal_Democratic_Party_(Japan)&ei=hZXPULvIG4feigLS0YEo&usg=AFQjCNFGAj9SxPVh6Rjtiiy_5jHQ-PArAA&sig2=E87J-cFGw31CV2UuTyhxIg&bvm=bvhttp://www.theopportunetime.com/term.php?term=Nikkei-225http://www.theopportunetime.com/7/30/2019 The Opportune Time Newsletter
7/8
VOLUME II ISSUE XIV THE OPPORTUNE TIME December 17, 2012
WWW.THEOPPORTUNETIME.COM PAGE 7
last month, manufacturers with strong
exporting businesses may benefit from a lower
JPY. In November, the Markit/JMMA Japan
Manufacturing PMI fell to 46.5, the sharpest
contraction rate in 19 months, due to slowgrowth in China and a relatively strong JPY
during most of the month. However, toward the
end of November the JPY began weakening
against the USD ahead of the election, while our
outlook on China improved as per Volume II,
Issue XI. As a result, we believe Japans
manufacturing PMI will see a recovery in the
month of December as exporters benefit aheadof expected easing. Examples of beneficiaries
may include automakers such as Toyota (TM)
and Honda (HMC), two of Japans top
exporters.
Contributors: Jin Tik Ngai, Jose A. Alvarez
http://www.theopportunetime.com/http://www.theopportunetime.com/http://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=10339http://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=10339http://www.theopportunetime.com/archive/The-Opportune-Time-Volume-II,-Issue-XI.pdfhttp://www.theopportunetime.com/archive/The-Opportune-Time-Volume-II,-Issue-XI.pdfhttp://www.theopportunetime.com/archive/The-Opportune-Time-Volume-II,-Issue-XI.pdfhttp://www.theopportunetime.com/archive/The-Opportune-Time-Volume-II,-Issue-XI.pdfhttp://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=10339http://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=10339http://www.theopportunetime.com/7/30/2019 The Opportune Time Newsletter
8/8
VOLUME II ISSUE XIV THE OPPORTUNE TIME December 17, 2012
WWW.THEOPPORTUNETIME.COM PAGE 8
Thank you for reading The Opportune Time. For regular updates between issues:
www.theopportunetime.com
About UsThe Opportune Time, LLC was founded in September of 2011, when the first issue
of the newsletter The Opportune Time was published. Prior to The Opportune
Time, the founders of The Opportune Time, LLC had distributed a similar
newsletter since the fall of 2010
The Opportune Time, LLC is about accessibility. We at The Opportune Time, LLC
strive to make financial information available to all audiences via numerousavenues, including our free newsletters, online articles, and social media posts. We
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We at The Opportune Time, LLC believe financial self-reliance is one of the most
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Copyright 2012 by The Opportune Time, LLC. All Rights Reserved.
DISCLAIMER: The informaon, tools and material presented herein are provided for informaonal purposes only and are not to be used or consid-
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Principals of The Opportune Time, LLC may or may not hold or be short of securies discussed herein, or of any other securies, at any me. Author Name & Electronic Mail Address:The Opportune Time, [email protected]
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