The Yen Carry Trade Global Interdependence Centre June 11, 2007 An A rbor R esearch & T rading A ffiliated Company Long-Term Interest Rates - 1900 to 2004 Independent · Objective · Original ——————————————————————————————————————————————————————————————————————— Bianco Research, L.L.CJune 11, 2007 – Emerging markets – G-10 markets – Interest rate spread – Spot rate changes – Total carry Topics To Be Covered 2 Intr