<p><br/></p><p>Report - Bonds and money (February 2008) </p><p>1. Interest/exchange rate forecasts and economic and financial outlook </p><p>2. Forex market <br/>(1) USD/JPY: USD/JPY and the growing concern about a US economic slowdown (Page 4) <br/>(2) EUR/USD: roiled by outlook for US economy (Page 8) <br/>(3) GBP/USD: excessively weak pound likely to correct (Page 12) </p><p>3. Japanese economy and interest rates: market sentiment is more bearish than conditions warrant (Page 14) </p><p>4. Central European economies and interest rates: long-term interest rate differentials are widening (Page 19) </p><p>The text above is a synopsis and is not a substitute for the full report. For analyst certifications and important disclosures, please see the final page(s) of the attached report.<br/>&nbsp;<br/></p>