# Profoundd archive — Epstein Files
# Bates number: EFTA01790367
# Title:        From: Barrett, Paul S
# Dataset:      10
# Pages:        2
# Tags:         epstein, doj, dataset-10
# Source PDF:   https://profoundd.com/epstein-docs/EFTA01790367/download
# Doc viewer:   https://profoundd.com/epstein-docs/EFTA01790367
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#----------------------------------------------------------------------

=== SUMMARY ===
From: Barrett, Paul S Sent: Friday, March 15, 2013 2:13 PM To: Jeffrey Epstein Cc: Ens, Amanda Subject: Interesting angle on KRW and KRW autos Jeffrey Base= on our view that the KRW will weaken given what is going on in Japan, we =hould consider a total return swap to get long the Auto and Transport sect=r (see what happened to Japanese auto names recently on the back of J PY we=kness) =OD • • * EVENT: Today's dovish Bank of Kor=a meeting, Korean Won breaking 200d MA =OA =OA Exhibit 1: Korean Wo


=== EXTRACTED TEXT ===
From: Barrett, Paul S 
Sent: Friday, March 15, 2013 2:13 PM 
To: Jeffrey Epstein 
Cc: Ens, Amanda 
Subject: Interesting angle on KRW and KRW autos 
Jeffrey 
Base= on our view that the KRW will weaken given what is going on in Japan, we =hould consider a total return swap to 
get long the Auto and Transport sect=r (see what happened to Japanese auto names recently on the back of J PY 
we=kness) 
=OD 
• • * EVENT: Today's dovish Bank of Kor=a meeting, Korean Won breaking 200d MA =OA 
=OA 
Exhibit 1: Korean Won (red) vs. Korea'= Transport Eqmt Sector (white) 
&n=sp; 
*•* Korean Won ne=t currency to weaken: Buy Korean Autos / Transport Equipmt (FIFW KOSPTREQ =ndex GP <GO>). 
The sector is very liquid and trades USD 300m per d=y. 
&n=sp; &n=sp; 
••• The second stage of the Yen devaluation could forc= other Asian countries to weaken their own currencies too. In 
1994, regi=nal central banks just 'watched' when China devalued their own curren=y - only to see their export 
competitiveness being challenged (FIFW =NY Curncy GP M <GO>). This inactivity will likely not happen again=2E 
=nbsp; &nb=p; =nbsp; &nb=p; =o:p> 
<= class="MsoPlainText"> ••• Today, the KRW {FIFW KRW Curncy GP <GO>}=broke the 1100 level and USD / KRW trades 
above its 200-day=/b> moving average - for the first time since July 2012. In our view, ma=y market participants have 
not paid attention to this - yet - but =loser analysis of today's dovish BoK meeting might change this.=nbsp; 
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=OD 
*** Interestingly, inflation pressure has c=early eased. CPI (FIFW KOCPIYOY Index GPC W <GO>} halv=d over the last 12 
months to just 1.4%. Compare this to the overnight =all rate of 2.75%. {FIFW KOCPIYOY Index KOCRD Index GR 
<GO&=t;}. Based on Bank of Korea's dovish policy meeting an April rate cut (A=ril 11) is quite possible, in my view -
especially as it would in=rease the competitive vs. Yen weakness. 
Ex=ibit 2: CPI in Korea (red) is far below Korea's overnight call rate =white) — rate cut possible 
&nb=p; =nbsp; &nb=p; =nbsp; &nb=p; =nbsp; &nb=p; =nbsp; 
&nb=p; =OD 
••• (FIFW KOSPTREQ Ind=x WGT <GO>) for sector weights. 
&nb=p; &n=sp; &n=sp; 
Regards,</=> 
Paul Barrett I Managing Director I Global Inv=stment Opportunities Group I J.P. Morgan Private Bank I <=:p> 
320 Park Avenue, 14=sup>th Floor, New York, NY 10022 I 
=/div> 
=OD 
Thi= email is confidential and subject to important disclaimers and conditions=including on offers for the purchase or 
sale of securities, accuracy and c=mpleteness of information, viruses, confidentiality, legal privilege, and =egal entity 
disclaimers, available at http://www.jpmorgan.com/pages/di=closures/email. 
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