Investor Presentaiton
Risk of asymmetric reopening of economies
USD/JPY rate and USD nominal effective exchange rate
(\/$)
118
USD/JPY (LHA)
105
USD nominal effective exchange rate (RHA)
116
114
112
110
108
106
104
102
NOMURA
100
95
95
90
90
Monetary policy normalization leading up to
the pandemic endgame may put financial
stress to global economy as a whole.
Given the asymmetry in degree of economic
reopening among developed and emerging
economies, rise in rates, and currency
appreciation, higher USD in particular, caused
by monetary policy normalization in developed
economies, may lead to capital outflow and
tightening of financial conditions in emerging
economies, resulting in the destabilization of
financial markets and financial systems.
100
85
20/1
20/4
20/7 20/10 21/1
21/4
21/7 21/10 22/1 (yy/mm)
Source: Nomura, based on Bloomberg data
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