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Epstein File EFTA01449360: Deutsche Bank (DS10)

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This document is a Deutsche Bank economic analysis dated February 28, 2013, discussing foreign exchange rate perspectives, specifically the USD/JPY exchange rate and its relationship to interest rate differentials. The analysis includes charts and data sourced from EcoWin and Bloomberg. The document is marked confidential pursuant to Federal Rules of Criminal Procedure Rule 6(e).

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**Deutsche** **Bank** 28 February 2013 Exchange Rate Perspectives Figure 5: USD/JPY Broken Away From Rate Differentials Figure 6: Record Negative Correlation Between
Excerpt 2
**Bank**, EcoWin Source **Deutsche** **Bank** Bloomberg The significance of the USD/JPY turn higher should not be understated.
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**Bank**, EcoWin Source **Deutsche** **Bank**, Bloomberg **Deutsche** **Bank** AG/London Page 7 CONFIDENTIAL - PURSUANT TO FED.

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