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Between recovery and risks Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd. | Investment horizon: 3-6 months | August 2020 Global investment strategy Maintain moderate risk-on tilt Japan asset allocation Maintain an overweight allocation to commodities Japan investment strategy Inflated money and expectations for change page 10 page 5 page 3 Global CIO Office Important Information This report represents the views of the Investment Strategy Department of CS and has not been prepared in accordance with the legal requirements designed to promote the independence of investment research. It is not a product of the Credit Suisse Research Department even if it contains published research recommendations. CS has policies in place to manage conflicts of interest including policies relating to dealing ahead of the dis- semination of investment research. These policies do not apply to the views of Investment Strategists contained in this report. Please find further important information at the end of this material. Singapore: For accredited investors only. Hong Kong: For professional investors only. Australia: For wholesale clients only.
Transcript

Between recovery and risksInvestment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd. | Investment horizon: 3-6 months |

August 2020

Global investment strategyMaintain moderate risk-on tilt

Japan asset allocationMaintain an overweight allocationto commodities

Japan investment strategyInflated money and expectationsfor change

page 10page 5page 3

Global CIO Office

Important Information This report represents the views of the Investment Strategy Department of CS and has not been prepared in accordance with thelegal requirements designed to promote the independence of investment research. It is not a product of the Credit Suisse Research Department even if itcontains published research recommendations. CS has policies in place to manage conflicts of interest including policies relating to dealing ahead of the dis-semination of investment research. These policies do not apply to the views of Investment Strategists contained in this report. Please find further importantinformation at the end of this material. Singapore: For accredited investors only. Hong Kong: For professional investors only. Australia: For wholesale clientsonly.

Editorial

Burkhard VarnholtChief Investment Officer – Swiss Univer-sal Bank

Michael StrobaekGlobal Chief Investment Officer

Even though the global coronavirus pandemic is far from over,the summer weeks in the Northern hemisphere provided anopportunity for many of us to take a break. Most risky assetskept going, however. US equities overall flirted with all-timehighs, while technology stocks set new records. Meanwhile,US Treasury yields continued to fall despite improving eco-nomic data, and that further buoyed precious metals. In oneof our special topic articles this month, we explain the driversof this rally and our expectations going forward. Separately,we look at the USD and show why we expect its weaknessto persist.

The market backdrop created no shortage of topics to discussin our latest Investment Committee meeting. We continue toexpect cyclically exposed assets such as equities, commodi-ties and credit to offer attractive return potential over a 3–6months’ horizon. Yet we maintain our neutral allocation toequities in portfolios for now. We acknowledge that “Thereis no alternative” (TINA) to equities is likely to hold true forlonger, but see a number of risk factors that could lead totemporary corrections. One of them is industrial productionmomentum, which has rebounded sharply from its lows, butis likely to peak in September. Conversely, bond yields couldback up even as momentum slows. Furthermore, tensionsbetween the USA and China might intensify ahead of the USpresidential election. And in the USA, the deadlock over fur-ther stimulus and concerns over the election could worry in-vestors. Even as we are mindful of these risks, we retain amoderate pro-risk tilt in our portfolios, as we continue tooverweight commodities and credits.

The pages ahead provide a more detailed look at our currentHouse View. We hope our insights prove useful for your in-vestment decisions.

In this issue

3Japan investment strategyInflated money and expectations for change

5Japan asset allocationMaintain an overweight allocation tocommodities

7Investment themes and solutionsMillennials: Investment solution features

9EconomicsShort-term growth peak ahead

10Global investment strategyMaintain moderate risk-on tilt

11Special topicGold rally pauses, outlook stays positive

12Special topicUSD weakness set to persist

13Fixed incomeSearch for yield favors credit and EM debt

14EquitiesQ2 earnings less bruising than feared

16Alternative investmentsCommodities rebound, hedge funds gain

17Foreign exchangeStaying the course with our USD view

18ForecastsAt a glance

Editorial deadline: 19 August 2020

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 2

Japan investment strategy

Inflatedmoney and expectationsfor changeEconomic recovery momentum to plateau in early fall.

Markets likely to be supported by falling real interest rates.

Gold increasingly attractive in a world fraught with risk.

Soichiro MatsumotoChief Investment Officer Japan

A mottled economic recoveryAs coronavirus infections in Western countries plateau andlockdowns are lifted, the world economy appears to have al-ready put the worst of the pandemic-related turmoil behindit and is now on the road to recovery. However, efforts tocontrol the infection will continue and not all economic activi-ties will be restored to their former state. The expected paceof, and outlook for, economic recovery varies by country andindustry; hence we have adopted the term “mottled recovery.”

The recovery has thus far been supported by fiscal andmonetary policies during a period of otherwise reduced eco-nomic activity. The momentum of the initial economic recoveryhas been stronger than expected thanks to the implementationof aggressive and large-scale fiscal and monetary policies.However, given ongoing constraints on economic activity, thisrecovery momentum is expected to plateau in the early fall.

The development of a viable vaccine will take time, and it willtake several years before all existing constraints to the econ-omy are removed and economic activity returns to previouslevels.

Monetary policy to support risk assetsWe expect equities, credit (corporate bonds) and commodities,all assets that are sensitive to economic trends, to provideattractive returns over the medium term. Perhaps most impor-tantly, the world’s central banks, in particular the US FederalReserve, continue to provide more than ample liquidity andare willing to provide further additional policy support in theevent of a new crisis.

However, with economic recovery momentum plateauing andmounting geopolitical risks as well as the fact that equitymarkets are already up significantly, with valuations at highlevels, there is an elevated risk of a potential temporary cor-rection.

Impact of negative real interest ratesThe unprecedented monetary easing currently being rolledout by the world’s central banks, particularly the US FederalReserve, has provided massive liquidity to the market, pushingUS real interest rates (interest rates net of inflation) down tonegative levels. The Fed has made it clear that it will continueto provide support during a drawn-out crisis, and there is areal possibility that negative real interest rates will become along-term fixture of the US monetary policy. We believe thatlower real interest rates will support higher credit (corporatebond) and equity valuations, as well as precipitate a fall in theUS dollar, while also supporting a rise in gold. This appearsto be a key factor supporting the current rise in the aforemen-tioned financial assets in an otherwise muted economic cli-mate.

Market readying for a changing global frameworkThe United States has a presidential election coming up inNovember. The market is increasingly concerned that Presi-dent Trump might step up his tough policy stance towardChina in order to gain electoral support. One of the key issuesfor the election will be tackling the problem of growing inequal-ity, and we believe that the growth that has been achievedthrough globalization requires some measure of redirection.At the same time, the experience of the COVID-19 pandemicwill necessarily precipitate changes in existing businesspractices. The market seems to believe that these changeswill be a force for change in the existing global economicframework over the long term.

As part of Credit Suisse’s Supertrend series of long-term in-vestment themes, we focus on the challenges and growthopportunities that these changes present.

Luster of gold in a world fraught with riskCredit (corporate bonds) and equities have been recoveringsteadily thanks to support provided by government policies,but there are still many investors deeply concerned about thefuture of the economy. The fact that the mechanisms thathave supported the growth of the global economy since theend of the Cold War may be changing (constituting a signifi-cant risk) is a cause for concern among investors.

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 3

Efforts to control COVID-19 are also likely to become pro-longed, and investors are likely to realize that they will haveno choice but to live with such risks for a while. When consid-ering one’s investment strategy from a long-term perspective,we believe that holding a certain amount of assets like goldin one’s portfolio is an effective way to balance risk.

Recommended investment strategiesIn an effort to help the economy recover from the shock ofthe pandemic, central banks in major countries are currentlyimplementing bold monetary easing measures.

We believe that economic recovery is likely to take severalyears and monetary easing policies may be prolonged. Thishas the potential to provide attractive long-term returns onrisk assets such as credit (corporate bonds), equities andcommodities.

On the other hand, opportunities to earn interest safely willbe extremely limited. Investment strategies that target yield,as well as strategies for the management of liquid assets,including cash and deposits, will require a different approach(or investment strategy).

1. Putting cash to workLarge-scale monetary easing has been implemented as aneconomic stimulus measure and it is increasingly apparentthat the current low interest rate environment will last for awhile. Following in the footsteps of Japan and the Eurozone,the USA has decided to prolong its zero-interest-rate policy.As a result, in terms of cash management, traditional invest-ment strategies (deposits, short-term government bonds,etc.) are no longer expected to provide satisfactory results,forcing investors to consider other options. Among cashsubstitution strategies, we are currently focused on strategiesthat take advantage of currency volatility. With differences inreal interest rates converging to within a narrow range, ex-change rates are likely to remain generally within a fixed rangeover the long term. At the same time, implied exchange ratevolatility has remained high as investors remain cautious aboutrisk. Thus, we believe that strategies which combine volatilitywith foreign currency deposits to secure yield, will prove at-tractive.

2. Yield-securing managementThe ongoing low-interest-rate environment will make it moredifficult for investors to earn yield. We generally consider twoapproaches to securing yield. The first is to minimize costs

such as fees and lost opportunity. One solution involvesleveraging a yield-seeking discretionary investment approachby introducing mechanisms that enable more detailed portfoliomanagement in accordance with a given investment policy.The second is to zero-in on credit that is more secure, witha sufficient spread. We are currently attracted to investment-grade corporate credit issued in developed countries as wellas major currency denominated government bonds issued inemerging countries.

3. Long-term return growth strategy – equitiesFrom a medium-term perspective, we believe that equitiesand alternative investments will provide higher returns com-pared to bonds. From a longer-term perspective, certainbusinesses (technology, sharing economy, senior services,sustainable business, etc.) will provide high growth opportuni-ties. The growth of such businesses can generally be attribut-ed to social and economic structural changes and politicalchanges, such as the ongoing shift from a globalized to amulti-polar world, as well as population decline caused by adeclining birthrate and aging population. The aforementionedstructural changes, coupled with the emergence and evolutionof new technologies, have spawned new business and growthopportunities.

At Credit Suisse we analyze long-term investment themes aspart of our “Supertrends” series and focus more specificallyon investment in growth stocks which conform to said themes.

Additionally, in an environment where volatility repeatedly risesin a short cycle, an investment approach that provides stabil-ity to one’s stock portfolio is desired. We are currently focus-ing on long-short equity strategies that involve portfolio invest-ment in stable high-yield stocks while hedging against certainmarket risks.

4. Multi-asset management (globally diversified invest-ment)In an environment of low returns and high volatility, it is nec-essary to incorporate investments that carry a higher level ofrisk in order to achieve higher target returns. The key pointhere is whether or not one’s investment strategy incorporatesmechanisms for controlling overall risk while keeping costsdown. As a core management strategy for long-term assetformation, we are focused on multi-asset discretionary invest-ment that targets a wide variety of assets globally.

(19/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 4

Japan asset allocation

Maintain anoverweight allocationto commoditiesOur House View remains neutral on equities and high-yield bonds in a portfolio context.

Soichiro MatsumotoChief Investment Officer Japan

Stay overweight commodities (including gold)Commodities, including gold, continue to see capital inflowsas US real interest rates are in negative territory and the USDweakness perseveres. We expect monetary policy to remainsupportive for the market and maintain our overweight alloca-tion to commodities (in the form of a basket of commoditiesthat includes gold).

Keep equity and high-yield bonds at neutralOur Investment Committee expects equities and credit (cor-porate bonds) to offer attractive return potential over themedium term. However, due to current valuation levels andother factors, there is a high likelihood of a temporary correc-tion; we therefore remain neutral on these asset classes andmaintain our allocations at the same level as our previouslong-term target.

Investment map (asset class vs. region)

Source: Credit Suisse

(19/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 5

JPY international TAA (balanced)Benchmark SAAversus bench-

markBalanced TAA

AugustJulyChangeAugustJuly

5.0%-2.0%-2.0%0.0%3.0%3.0%Liquidity

5.0%-2.0%-2.0%0.0%3.0%3.0%JPY47.5%0.0%0.0%0.0%47.5%47.5%Fixed income

4.0%-1.5%-1.5%-0.5%2.5%2.5%JPY

34.5%1.0%1.0%0.5%35.5%35.5%Global Corporates

3.0%0.0%0.0%0.0%3.0%3.0%Global High Yield

3.0%1.0%1.0%0.0%4.0%4.0%Emerging Markets USD

3.0%-0.5%-0.5%0.0%2.5%2.5%Emerging Markets LC

0.0%0.0%0.0%0.0%0.0%0.0%Global Convertibles42.5%0.0%0.0%0.0%42.5%42.5%Equity

16.5%-1.0%-1.0%0.0%15.5%15.5%Japan

26.0%1.0%1.0%0.0%27.0%27.0%World (ex. Japan)

0.5%1.0%1.0%0.0%1.5%1.5%Switzerland

2.5%0.0%0.0%0.0%2.5%2.5%Euro Zone

12.5%0.0%0.0%0.0%12.5%12.5%North America

1.0%0.0%0.0%0.0%1.0%1.0%United Kingdom

0.5%0.0%0.0%0.0%0.5%0.5%Australia

3.0%0.0%0.0%0.0%3.0%3.0%Emerging Markets

0.0%0.0%0.0%0.0%0.0%0.0%LatAm

2.5%0.5%0.5%0.0%3.0%3.0%APAC

0.5%-0.5%-0.5%0.0%0.0%0.0%EMEA

6.0%0.0%0.0%0.0%6.0%6.0%Supertrends

2.5%0.0%0.0%0.0%2.5%2.5%Silver Economy

2.0%0.0%0.0%0.0%2.0%2.0%Anxious Societies

1.5%0.0%0.0%0.0%1.5%1.5%Millennials' Values5.0%2.0%2.0%0.0%7.0%7.0%Alternative invest-

ments

2.5%0.0%0.0%0.0%2.5%2.5%Real Estate

2.5%2.0%2.0%0.0%4.5%4.5%Commodities

0.0%0.0%0.0%0.0%0.0%0.0%Gold100.0%0.0%0.0%0.0%100.0%100.0%Total

Source: Credit Suisse

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 6

Investment themes and solutions

Millennials: Investment solutionfeaturesIn this report, we highlight companies that have been identified as part of our Supertrendsubtheme “Sustainable business and investments” as worthy of long-term investmentbased on the corresponding growth potential offered by their sustainability models.

Maki ShimizuInvestment Strategist - Japan Strategy

Growth potential offered by sustainabilitySustainability is rapidly becoming a priority for companies asa result of the current shift in public attitudes, as exemplifiedby the millennials generation. To put it simply, an increasingnumber of consumers feel a duty to take the environmentinto consideration as part of their economic footprint. TheEuropean Union Recovery Fund, which was ratified lastmonth, is slated to engage in a large amount of environmen-tally-related investment as part of a series of new policy initia-tives, with 30% of its budget set aside for climate changemeasures. This is part of an increasing awareness of the so-called “circular economy.”

The circular economy refers to an economic model wherebyresources are distributed efficiently while waste and pollutionare eliminated through the continued use of products and rawmaterials. In contrast to the traditional linear economy and its“harvest, manufacture, dispose” model, in the above model,governments, businesses and households need to work to-gether to reduce waste and carbon emissions.

We believe that long-term growth opportunities exist in global,sustainability-conscious companies and recommend suchcompanies as specific investment solutions as part of ourSupertrend series.

Investment solutionsCompanies recommended as part of our “CS Millennial stockpicks” list of individual stocks include those whose core busi-ness is environmentally-focused packaging products, as wellas companies that provide solutions for energy productionthat comply with environmental regulations. We have also in-corporated companies which have passed our ESG (Environ-mental, Social and Governance) framework screening andwhich are rated favorably from a sustainability perspective.

Our list therefore covers a wide range of industries, includingtechnology, healthcare, finance, industrial manufacturing,materials, public interest, and daily necessities. As far asmutual funds related to this Supertrend series are concerned,we recommend the AM One Global Security Fund.

(19/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 7

SupertrendsRecommended solutionDetailTheme

AM One Global Security StockFund, CS Beneficiaries of AnxiousSocieties Selection

Anxious societies – Inclusivecapitalism

Basis goods such as housing, healthcare and pension have become unaffordable for many peopleAffordability

Skilling, reskilling and upskilling are crucial steps as technical progress radically changes required skill setEmployment

Everyday challenges such as the pandemic outbreak or cybersecurity are the most important pain pointsfor people

Personal security

Global Core Infrastructure StockFund, CS Infrastructure List

Infrastructure – Closing thegap

Developed markets have to invest in project replacements while emerging markets continue to spend ongrowth

Transport

Energy transition toward renewables to limit global carbon emission; Middle East faces an acute watershortage

Energy & water

As 68% of the world’s population will live in urban areas by 2050, cities must become smarter to handlethis strong growth

Smart cities

As 5G will be the next major investment cycle for the mobile industry, mobile traffic may grow almost five-fold

Telecom infrastructure

AM One Global Security StockFund, CS Technology Selection

Technology at the service ofhumans

The number of connected devices is surging and thus edge computing is expected to gain traction in orderto capture even more value from data

Digitalization

Growing to the size of today’s smartphone market in the years aheadVirtual reality

Material growth potential for home, industries and cities, digitalization, and healthtech and fintech marketsArtificial intelligence (AI)

Robots and automation are entering various non-industry sectors; demand for industry robots is risingIndustry 4.0

Digitalization solution, biotechnology and AI in product development and healthcare researchHealthtechSelect Sector SPDR ETFs (Health-care, Consumer Staples, ConsumerDiscretionary), CS Silver EconomyStocks

Silver economy – Investing forpopulation aging

Biopharma and medical device companies to innovate around senior conditions such as heart disease &cancer

Therapeutics & devices

Managed care organizations; hospitals and dedicated facilities to face increasing demandCare & facilities

Private pension gap in emerging markets and growing importance of private pension fund & insurancesolutions

Health & life insurance

High spending power of seniors to benefit consumer companies with senior-centric offeringsSenior consumer choicesAM One Global Security Fund, CSMillennials Favorites

Millennials' values

ESG overlay across the entire millennials stock universe to underpin the importance of sustainabilitySustainable business and invest-ments

Being connected 24/7, having a strong preference for technology brands, driving an education technologyrevolution

Digital natives

A new way of living and spending with substantial growth potential in emerging marketsFun, health & leisureAM One Global Security Fund, CSClimate Change Choice

Climate Change

CO2-neutral electricity production and the replacement of coal-fired electricity as a key component ofCO2 reduction

Carbon-free electricity

Demand for fossil fuel remains high for now, while the transition pioneers will be leading the sectorOil & gas transition pioneers

Sustainable fuels, a switch to electric vehicles, more efficient engines and railroads will reduce greenhousegas (GHG) emissions

Sustainable transport

A growing population and a high CO2 emission from the agriculture sector require efficiency gainsAgriculture & food

Source: Credit Suisse

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 8

Economics

Short-term growth peak aheadAfter their deep slump in Q2, short-term economic indicators are rebounding sharply.

Yet we do not expect GDP in major economies to reach pre-COVID levels for at least18 months.

James P SweeneyChief Economist and Regional CIO Americas

Peter James FoleyEconomist

The COVID-19 pandemic led to an extreme downturn inglobal economic activity in Q2. Now, as major economiesreopen, short-term economic indicators are reboundingsharply.

Global industrial production (IP) momentum (3M/3M annual-ized growth of our global IP aggregate) is experiencing itssharpest swing ever. Having slumped to –26% in May, weexpect a sharp reversal to a September peak of 33%. Pur-chasing managers’ indices (PMIs) typically move with IP mo-mentum. So surveys might register high peaks in the earlyautumn too. As the powerful impetus of returning to workfades, short-term growth indicators are likely to decline sharplyfrom extreme highs.

Past cycles suggest that peaks in IP momentum are importantfor markets. Our chart shows that turning points in our GlobalRisk Appetite index consistently line up with peaks in globalIP momentum. The correlation is clear in recoveries fromprevious deep troughs, such as in the early 90s, early 2000s,and especially after 2008.

The level of activity remains below trendThe extreme swing in short-term growth rates is relevant be-cause of its historical correlation with markets. But if we wantto explore whether the world economy is performing well, itis better to focus on the level of activity.

The Q2 downturn in the level of global activity was evendeeper than during the 2008–09 global financial crisis. Therebound is sharper too, but very uneven. Retail sales haverecovered ground particularly quickly, now standing abovepre-COVID levels in the USA and a number of Europeaneconomies. Strength in consumption is likely a result of tem-porarily strong household cash balances, supported by sub-

stantial fiscal packages. IP has not rebounded to the sameextent, and certain service sectors are far below pre-COVIDlevels.

We do not expect GDP in major economies to reach pre-COVID levels for at least 18 months. The future path ofeconomic activity depends greatly on stimulus, ongoing con-tagion, and the amount of lasting damage that has been done.

COVID-19 outbreaks weighing on growthThe intensity of COVID-19 outbreaks appears to have easedin large US states that have been badly affected recently, in-cluding Texas, Florida and California. However, infection ratesremain high across much of the USA and in a range ofemerging economies. Europe, Japan and Australia have allexperienced recent local outbreaks. Recent lockdowns areon a far smaller scale to those in Q2, but a range of dailyactivity indicators signal slower economic growth in areaswhere COVID-19 is prevalent.

Peaks in global IP momentum often align with peaks inrisk appetiteGlobal IP momentum = 3M/3M annualized growth in our aggre-gate of global industrial production. Global risk appetite measuresrelative 6-month performance of risky assets (equity indices) vs.safe assets (bond indices).

-9

-7

-5

-3

-1

1

3

5

7

9

-15

-10

-5

0

5

10

15

20

90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

Global 3m/3m IP momentum (lhs)

Global risk appetite (rhs)

Source: Credit Suisse, Thomson Reuters Datastream

(17/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 9

Global investment strategy

Maintain moderate risk-on tiltCyclically exposed assets such as equities still offer attractive return potential over a3–6 month horizon on the back of continued strong monetary policy support.

Our overall portfolio positioning remains moderately risk-on, with equities still at“strategic” allocations for the time being.

Walter EdelmannChief Global Strategist

The Credit Suisse Investment Committee decided to maintainequities at strategic allocations. Overall, portfolios retain acyclical bias as global commodities (BCOM), investment gradebonds (IG) and emerging market hard currency bonds (EMHC) are kept at overweight and government bonds remainat underweight.

Central bank backstops remain keyThe Investment Committee expects cyclically exposed assetssuch as equities, commodities and credit to offer attractivereturn potential over a 3–6 month horizon. Key to this expec-tation is the fact that central banks, first and foremost theUS Federal Reserve, remain committed to providing ampleliquidity as well as the necessary backstop for markets in caseof renewed turbulence. Given negative real bond yields, low-risk investment alternatives are becoming ever more scarce,a phenomenon that also benefits gold as part of our commod-ity basket. “There is no alternative” (TINA) to equities is likelyto hold true for longer as central banks are expected to keepbond yields in check.

Portfolios remain moderately risk-onHowever, this positive monetary policy backdrop does notexclude temporary equity corrections, especially asprice/earnings ratios have reached rather rich levels. Fallingreal bond yields, strong momentum in economic indicatorsas well as better-than-expected earnings reports for thesecond quarter have been supportive. Most recently, we didsee some back-up in bond yields, however, and we expectthe recovery in industrial production momentum in the USAto likely peak in September. Peaks in momentum often coin-cide with a weaker equity market performance. This time

around, the peak might bring back into focus the fact thatthe recovery is likely to become more gradual. Besides, wealso face other risks: the US Congress has yet to find acompromise on a new relief program after the first one expiredat the end of July. Regarding the coronavirus pandemic, in-fections in the USA seem to have peaked in the hardest-hitstates. Yet, we are seeing a regional broadening of new in-fections. In Europe, infections are on the rise again and avaccine for widespread deployment appears unlikely beforespring next year. Separately, as the presidential election ap-proaches, US President Donald Trump might try to regainground in polls by further escalating tensions with China.

Over the past few months, the Investment Committee hasreduced above-average portfolio risk gradually by takingprofit on its equity and high yield overweights. We maintaina reduced risk-on position in portfolios for now, retainingoverweight allocations to credit (IG and EM HC) as well ascommodities.

USD expected to weaken furtherIn mid-June, the Investment Committee shifted its view onthe USD to unattractive against a broad basket of currencies,including the EUR. This view remains in place, as we thinkthat the USD has further to fall as a result of easy US mone-tary policy, the worsening US fiscal and external position andthe fact that the USD interest rate advantage has vanished.

Watch a video featuring the highlights of theCredit Suisse investment strategy:www.credit-suisse.com/cio/film

(17/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 10

Special topic

Gold rally pauses, outlook stayspositivePreciousmetals enjoyed a stellar rally driven by falling US real yields and USDweakness,but have run into some resistance lately.

Our view stays constructive, as we think that rates and currency developments willcontinue to attract strong investor flows.

Stefan GraberHead of Commodity Strategy

Precious metals have attracted a lot of attention of late, asgold has rallied to new all-time highs before running into someprofit-taking. Falling US real rates and USD weakness havebeen the main elements pushing precious metals higher.While moves in all three markets (gold, real rates, USD) ap-pear extended tactically, i.e. are at risk of a near-term consol-idation/pullback, we think that the medium-term bull run hasnot ended yet.

Investor flows dominateThe gold rally has been heavily investor-driven, as consumerdemand has been extremely weak. In times of crisis, con-sumers refrain from purchasing luxury items such as jewelry.This explains the elevated sensitivity of gold to rates andcurrency developments. Hence, the outlook for gold to a largeextent rests on our assumptions for US real yields and theUSD: we expect further USD weakness ahead and real yieldsto stay deeply negative. This combination should drive freshgains.

Nominal yields may have some room to pick up in the nearterm after their rapid decline, as stimulus programs need tobe funded. However, we think that the US Federal Reservewould be ready to introduce additional measures such as yieldcurve control to cap any upward pressure. Meanwhile, inflationexpectations have already recovered considerably and couldpause. However, if economic activity continues to improve,expectations should have more room to rise.

Silver is more cyclicalSilver is highly correlated to gold but has twice the averagevolatility, i.e. it is a riskier metal. It also has a more cyclicaldemand profile, as over half of silver consumption is linkedto industrial uses. Hence, silver vs. gold can be viewed froma cyclicals vs. defensives lens. The recent outperformancehas been helped by the ongoing recovery in industrial produc-tion (IP) and a relative positioning gap (as investors firstbought gold and only later started to switch to silver). Now,an anticipated IP momentum roll-over into Q4 could cap silvertemporarily, but a continuation of the cyclical recovery nextyear might drive fresh upside over the medium term eventhough current price levels are certainly no longer cheap. Im-portantly, we see silver as a tactical trading instrument andconsider gold better suited as a buy-and-hold portfolio diver-sifier.

What to doThe macro set-up should continue to create conditions inwhich strong investor flows push up precious metals prices.Geopolitical risks and related uncertainty (including US elec-tions) may also prove supportive. Hence, we treat pullbacksas opportunities to establish exposure, especially for under-allocated investors. This could be done outright or via struc-tured derivatives, as implied volatility is currently above aver-age. In terms of our multi-asset strategy, we currently holdan overweight allocation to commodities, i.e. we also holdmore precious metals than usual. That said, we see similarreturn potential than for other commodities and favor diversi-fied exposure within the asset class at this stage.

(13/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 11

Special topic

USD weakness set to persistWhile extended short USD positioning and some short-term macro risks might allowthe USD to consolidate, we think that investors should shift out of the currency on anysigns of strength.

The Federal Reserve’s dampening of US yields, the global economic recovery and thewidening US deficits should lead to a weaker USD in the medium term. We seeEUR/USD at 1.25 in 12M.

Luca BindelliHead of Fixed Income and Currency and Commodity Strategy

Accentuating USD weakness in July and increased marketpositioning for a weaker USD heightens the risk of a short-term USD consolidation. While leading indicators suggestfurther upside in global activity, some uncertainty remainsgiven risks related to the coronavirus pandemic, US-Chinatensions, US elections and a lack of consensus over a newUS stimulus package. While the USD might find support inperiods of rising risk aversion, we would consider this merelya pause in a still bearish USD trend. Indeed, we believe thatthe ample liquidity the Federal Reserve (Fed) continues toprovide should limit any USD upside. Moreover, the Fed mightfurther delay the moment it would consider starting to normal-ize policy and/or expand asset purchases to support the re-covery and the funding of the existing stimulus via US Trea-sury bond issuance. At the same time, we believe this wouldlimit the potential economic risks related to a delayed newstimulus package, putting renewed downward pressure onthe USD.

In June, we advocated diversifying away from the USD forseveral reasons. First, the loss of the USD’s interest rateadvantage and the dovish Fed. Second, the emerging globalrecovery supported by massive monetary and fiscal stimulusand the deteriorating relative performance of the US economy,which would favor more cyclical currencies. Finally, the expect-ed sharp deterioration of US public sector balances (GDP

deficit of 18.4% expected in 2020) and the persistent struc-tural external deficit, which would require the USD to depre-ciate in the absence of a real rate increase. On the latter, wethink that US real rates are likely to stay low and weigh onthe USD given the Fed’s preference for anchoring nominalyields at low levels and the ongoing normalization of inflationexpectations. These points still underpin our fundamental viewof a weaker USD. Furthermore, USD valuations remain ex-pensive and offer room for further USD depreciation, as wealready suggested in our latest five-year Capital Market As-sumptions.

EUR as an alternativeWe currently favor the EUR against the USD, as Eurozonetail risks have receded considerably with the comprehensiveEU agreement reached last month on a common budget andrecovery fund. Despite some widening in the fiscal deficit,the EU’s structural external balances are sound (3% surpluson average over the last five years) and leading indicatorsconfirm that the Eurozone economy’s cyclical recovery isgathering pace compared with the USA. Moreover, we thinkthat the new EU-wide bond creates a tool to promote EUconvergence and should boost the availability of safe liquidassets. This should help the EUR regain the international re-serve currency status it lost during the EU crisis and eventu-ally translate into a rising share of foreign exchange reserveallocations. Finally, EUR/USD valuations are cheap – we es-timate that the current fair value lies in the mid-1.20s. Ournew EUR/USD 12M target is 1.25. (14/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 12

Fixed income

Search for yield favors credit andEM debtGovernment bond yields do not fully reflect the growth recovery yet but should startdoing so despite loose monetary policies.

We keep our overweight positions in EMHC and IG credit, while retaining an underweightin core government bonds in portfolios.

Luca BindelliHead of Fixed Income and Currency and Commodity Strategy

Interest rates remain very low despite the recovery in econom-ic indicators. Central banks are likely to keep rates low andcontinue their asset purchasing programs. But given the lowyield levels, the ongoing recovery and medium-term inflationand bond supply risks, we expect yields to rise moderatelyand consider government bonds unattractive. We prefer shortduration in the USA, the Eurozone and Switzerland and remainunderweight global treasuries in a portfolio context. We stillconsider US inflation-linked bonds attractive in relative terms.

Regionally, we have neutralized our highly profitable positiveview on Italian versus German bonds, as the 10-year yieldspread between the two markets has narrowed significantlyin the last three months. Monetary policy and the recentagreement on the EU recovery fund remain supportive andcould lead to real economic convergence over time. Yet, thiswill be a lengthy process and may require market observersand rating agencies to reassess peripheral countries’ long-term prospects.

Maintain positive bias to creditInvestment grade (IG) and high yield (HY) credit should con-tinue to deliver positive absolute returns in the next fewmonths. We still favor high credit quality, as it remains sup-ported by central banks’ activity and maintain an overweightallocation to IG in our portfolios. Although carry still warrantsabove-cash returns, the current implied default premium forHY is insufficient to compensate for macroeconomic uncer-tainties and deteriorating fundamentals. As such, we stayneutral HY in a portfolio context.

Solid returns in EM warrant overweightWe maintain a positive view on emerging market (EM) hardcurrency bonds, as they continue to deliver solid returns de-spite a strong performance in recent months. Our EM riskappetite index has improved further, reaching levels not farfrom euphoria. The recent depreciation of the USD and im-provements in trade balances have contributed to higher for-eign exchange reserves. While valuations have deterioratedat the margin, we remain of the view that the pace of addition-al spread tightening will be modest from here. Yet, in a relativecontext, the asset class can benefit from a still attractivecarry advantage. In terms of regional preference, we remainpositive on Eastern Europe, Middle East & Africa and negativeon Latin America.

US yields have lagged the growth recovery

Last data point: 12/08/2020. Historical performance indications and financial market

scenarios are not reliable indicators of current or future performance. Source: Bloomberg,

Credit Suisse

(14/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 13

Equities

Q2 earnings less bruising thanfearedQ2 earnings surprised positively, driven by the US market and with technology andhealth care in the lead.

We maintain our preference for the IT, health care and energy sectors.

Philipp LisibachHead of Global Equity Strategy

The greatly anticipated Q2 earnings season is almost over,and it turned out to be a positive surprise. Given the COVID-19 crisis, earnings expectations were revised meaningfully inthe second quarter. Going into Q2, expected consensusearnings growth for the global equity aggregate was –14.7%,which was then slashed to –45.8%. It turns out that expecta-tions became too pessimistic. With a little over 70% of com-panies having reported at the time of writing, the actual growthrate is –40.3%.

Q2 earnings surprise positively...Consumer discretionary, energy and financials (booking pro-visions for future loan losses) account for about three quartersof the overall earnings drop. The bright spots were healthcare, where earnings advanced by over 6% vs. –11% expect-ed, and IT with almost unchanged earnings year-on-year vs.–11% expected. Regionally, the USA surprised the most asearnings declined by approximately 29% from the prior year,while expectations were for a decline of 39%. The defensiveSwiss market also proved sturdy with an earnings retreat of15%. Results for the Eurozone were mixed, with the 65%decline about in line with expectations. The earnings surprisewas driven by revenues, which fell less than anticipated, andbetter than expected corporate profit margins on the back ofstrong cost control and the cushioning impact of measuresintroduced by governments and central banks.

...leading to higher earnings expectationsThe positive tone of the Q2 results has helped earnings mo-mentum improve substantially from the early-July lows. Par-ticularly the USA, but also the Eurozone has seen momentumturn positive. Japan remains the laggard given a lacklustermacro environment. In emerging markets (EM), momentumhas seen the strongest reacceleration in EM Asia.

Given the positive backdrop provided by central banks, signsof macro reacceleration and decent earnings, equity marketsare continuing to climb the wall of worry. While elevated valu-ations are a concern, they typically do not lead to a changein trend.

US, EMU earningsmomentum turning positive on the backof strong Q2 results3-month change in 12-month forward consensus earnings ex-pectations

Last data point: 10/08/2020. Historical performance indications and financial market

scenarios are not reliable indicators of current or future performance. Source: Refinitiv,

Credit Suisse

(14/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 14

Global equity sector strategy and top picks from Research (3-6 months)APAC (O)USA (N)Switzerland (O)Eurozone (N)/ UK (N)Sector view

Pioneer Natural Resources, Williams,Cheniere Energy

Equinor, TotalEnergy (O)

Air Products & Chemicals, Newmont,Ecolab, Sherwin-Williams

Anglo American, Air Liquide, SmurfitKappa, Symrise, BHP, Synthomer,Covestro+

Materials (N)

Sany Heavy IndustryHoneywell, Union Pacific, JohnsonControls

Georg Fischer, SchindlerSchneider Electric, Smiths, Vinci,Siemens, Experian

Industrials (N)

China Tourism Group Duty Free, PtMap Aktif Adiperkasa Tbk, WynnMacau, Gree Electric Appliances

Target, Restaurant Brands International,The Home Depot, Nike

LVMH, Volkswagen+Consumer discretionary (N)

Foshan Haitian Flavouring and FoodCoca-Cola, WalmartNestleDanone, Kerry, CarlsbergConsumer staples (U)

Jiangsu HengruiAlexion, Mylan, Biomarin Pharmaceuti-cal, Merck & Co.

Novartis, RocheRoyal Philips, Fresenius, Novo NordiskHealthcare (O)

JPMorgan Chase, Bank of America,The Blackstone, Chubb, Progressive

Zurich Insurance, CembraMoney Bank, Partners,UBS

AXA, Crédit Agricole, KBC, UniCredit,Barclays, RSA Insurance, Caixabank,Prudential+

Financials (N)

Samsung Electronics, SK HynixVisa, IBM, Micron Technology, Sales-force.com

CapGemini+IT (O)

China Telecom, SeaAlphabet, FacebookVodafone, Vivendi, OrangeCommunication services (U)

NextEra Energy, Eversource EnergyRWE, Iberdrola, EDPUtilities (N)

UOL, China Aoyuan, LinkEquinix, American TowerVonovia, Deutsche WohnenReal Estate (N)

These are our sector strategy and top picks as of 19 August 2020 recommended by Credit Suisse, Investment Solutions & Products. Our sector/industry strategy shows our sec-tor/industry preferences with recommendations relative to regional benchmarks: Global: (MSCI World in USD), Europe (MSCI Europe in EUR), Switzerland (Swiss Market Index inCHF), USA (S&P 500 in USD), Asia-Pacific (MSCI AC Asia-Pacific in USD). An outperform (underperform) view is a recommendation to invest more (less) than in a neutral positionindicated by the market-cap weights of the respective benchmarks. The sector/industry weights as well as the neutral positions in figures are available upon request; please contactyour relationship manager. Top Picks is a selection of our favorite stocks within our coverage. The selection was made to reflect the sector/industry and regional preferences. Reg-ular full updates are provided via our Investment Monthly publications as well as in our Equity Research reports. Additionally, we publish our additions and drops in our InvestmentDaily publication. Legend: (O) = Outperform, (N) = Neutral, (U) = Underperform. Changes are marked as follows: (+) = additions to the Top Picks, (#) = changes to sector/indus-try/country weightings. For further information, including disclosures with respect to any other issuers, please refer to the Credit Suisse Global Research Disclosure site at:http://www.credit-suisse.com/research/disclaimer. Please note that trading facilities in certain securities may be limited.Source: Credit Suisse

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 15

Alternative investments

Commodities rebound, hedgefunds gainWe continue to prefer hedge fund strategies that benefit from dislocations in debt andequity markets. We favor US listed real estate.

Both cyclical and defensive commodities have rebounded. Some choppiness may beahead, but we continue to expect medium-term prospects to be positive.

Sarah LeissnerAlternative Investment Strategist

Fabian DeriazCommodity Strategist

Hedge funds: Favorable conditions for growth-sensitivestrategiesHedge fund indices have recovered their year-to-date losses,with smaller or mid-sized managers outperforming larger ones.A decline in inter-stock correlations, improved price momen-tum in currencies and gold as well as a compression in creditrisk premiums drove gains across strategies in July. OurBarometer shows that market conditions have turned favorablefor growth-sensitive strategies due to improved liquidity con-ditions, but momentum could fade later in the quarter. Conse-quently, we highlight strategies with a focus on dislocationsin risk premiums across structured and corporate credits. Wealso have a favorable view on opportunistic long/short equityand diversified macro, which can exploit sectoral and regionaldivergences amid increased market volatility.

Real estate: USA remains preferredListed real estate delivered a positive return in July, but con-tinues to lag global equities with a year-to-date performanceof –11%. On a sub-sector level, the more cyclical sectorssuch as retail and office underperformed, indicating continuedstructural concerns and economic uncertainty. In contrast,industrial landlords’ share prices gained in July as companiesreported a surge in warehouse demand due to stronger e-

commerce. Overall, we expect global listed real estate toperform in line with equities and continue to favor US listedreal estate. We believe that the latter is attractive due to itsdefensive sector exposure, moderate earnings expectationsas well as continued support from both fiscal and monetarypolicy.

Commodities: Recovering, favor diversified exposureAlthough still down year-to-date, commodities reboundedfurther in July and early August against an improving cyclicalbackdrop. Rising inflation expectations spurred interest in realassets, while a softer USD also helped attract investor flows.Gains were broad-based, with both cyclical markets (energyand industrial metals) as well as defensive segments (preciousmetals) making positive contributions. Silver in particular hasseen a spectacular run after lagging earlier on. As the indus-trial recovery may lose some momentum in September andgoing into Q4, the commodities recovery may moderatesomewhat and face a bumpy consolidation phase. That said,low yields and USD weakness continue to create a preciousmetals-friendly backdrop. In energy, oil has been consolidatingrecently, but inventory draws have accelerated of late, whichmight open the door to more upside in the coming months –if further stock draws were to follow. Meanwhile, the moreadvanced recovery of the Chinese economy relative to therest of the world supports industrial metals, though positioningis now long and US-China tensions are a risk. In summary,we remain positive on the asset class and favor diversifiedexposure across sub-sectors. (13/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 16

Foreign exchange

Staying the course with our USDviewWe expect further USD downside beyond a possible short-term consolidation.

We like the EUR, JPY, NOK, SEK and NZD vs. the USD. In emerging markets (EM), wefavor the CNY, KRW, IDR and ZAR.

Luca BindelliHead of Fixed Income and Currency and Commodity Strategy

The US Dollar Index (DXY) was on a steady downward trajec-tory throughout July. Market participants further strengthenedtheir short positions in the USD, in particular against the EUR.As we highlight in our special topic article, such extendedshort positioning might offer scope for a USD consolidationamid short-term uncertainties. However, we think such aconsolidation would not derail the USD’s overall downwardtrend. We continue to advocate diversifying out of the USDand prefer more cyclical currencies such as the EUR, SEK,NOK and NZD, which also offer cheaper valuations againstthe USD. We still favor the JPY over the USD, as Japaneseinterest rates are likely to remain stable. We have neutralizedour previous view of a higher EUR/GBP, as we see no spe-cific Brexit-related risk emerging before the fourth quarter.Also, whereas EUR long positioning is stretched vs. the USD,the GBP is still seeing short positioning vs. the USD, suggest-ing that the risk of a short-term consolidation in the GBP islower.

Remain selective within EM FXEM currencies had a largely quiet month since our last update.As our EM FX risk sentiment index looks even more stretchedthan last month, we stick to our preference for cross-countrydifferentiation. The trend of Asia FX outperformance contin-ued, but the strongest performers were currencies with closelinks to the EUR, like the PLN and the HUF, which profitedfrom signs of a recovery in Eurozone economic activity.

The clear underperformer was the TRY. USD/TRY rose toits highest level since May, as signs of dysfunction in themoney market caused concern. The central bank has already

spent a large share of its foreign exchange reserves over thelast few months seeking to stabilize the TRY. We keep ournegative view on the TRY, as the absence of tourism revenuesand a large credit impulse are causing the current accountdeficit to deteriorate further.

We also stick to our positive view on the ZAR as SouthAfrica’s trade balance continues to improve. We maintain ourexpectation of continued strength in Asian FX. China’s reopen-ing continues, and both the CNY and the KRW are likely toappreciate further over a 3M horizon. We also turn tacticallypositive on the IDR given that the recent sell-off appearsoverblown.

Short USD positioning is reaching extended levels

Last data point: 08/08/2020. Historical performance indications and financial market

scenarios are not reliable indicators of current or future performance. Source: Datas-

tream, Credit Suisse

(14/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 17

Forecasts

At a glanceMore information on the forecasts and estimates is availableon request. Past performance is not an indicator of futureperformance. Performance can be affected by commissions,fees or other charges as well as exchange rate fluctuations.

Short interest rates 3M Libor/10-year governmentbonds

10Y3M Libor

12M3MSpot12M3MSpotin %

-0.2-0.2-0.46-0.8 to -0.6

-0.8 to -0.6-0.71CHF

-0.2-0.2-0.46-0.6 to -0.4

-0.6 to -0.4-0.48EUR*

110.660.2 to 0.40.2 to 0.40.25USD

0.50.30.220.0 to 0.20.0 to 0.20.07GBP

1.21.10.860.0 to 0.20.0 to 0.20.10AUD**

000.04-0.2 to0.0

-0.2 to 0.0-0.05JPY

Spot rates are closing prices as of 18/8/2020. Forecast date 13/8/2020. *3M Euribor,**3M bank bill rates. These forecasts are no reliable indicators of future performance.Source: Bloomberg, Credit Suisse/IDC

Equities12M*3M*Div. y.

(%)P/ESpotIndex

1,5101,4302.619.81,409MSCI AC World**

3,5503,4102.322.03,390US S&P 500

3,5503,4002.717.03,290Eurostoxx 50

6,4406,3104.515.36,077UK FTSE 100

1,6401,6102.516.01,611Japan Topix

6,4406,2604.019.76,123Australia S&P/ASX200

10,92010,5202.918.410,168Switzerland SMI

160,000151,0003.014.7149,814MSCI Emerging Mar-kets**

Prices as of 18/8/2020 . *Forecast as on 13/8/2020 . **Gross return (incl. dividends).Source: Bloomberg, Datastream, Credit Suisse/IDC

Commodities12M*3M*Spot

215020001997Gold (USD/oz)

282627.8Silver (USD/oz)

1000950956.7Platinum (USD/oz)

200020002175Palladium (USD/oz)

660064006571Copper (USD/ton)

454342.7WTI Crude Oil (USD/bbl)

160152154.3Bloomberg Commodity index

Spot rates are as of 19/8/2020 *forecast as on 13/8/2020Source: Bloomberg, Credit Suisse/IDC

Credit: Selected indices12M TR fore-cast*

3M TRforecast*

Duration(years)

Spread(bp)

Yield(%)

0.60%0.30%7.34490.90BC Global Aggregate

-0.80%-0.60%8.74130.51BC Global Treasuries

3.35%2.10%7.441321.61BC Global IG Corp

3.86%0.60%4.145605.89BC Global HY Corp

3.50%0.90%7.464215.00JPM EMBI Global Di-versified HC

BC = Barclays Capital, IG= Investment Grade, JPM = JP Morgan (EMBI+). Index dataas of 13/8/2020. *Forecast as on 13/8/2020Source: Bloomberg, Credit Suisse/IDC

Foreign exchange12M3MSpot

1.251.221.19EUR/USD

0.900.900.90USD/CHF

1.131.101.08EUR/CHF

100.00104.00105.47USD/JPY

0.940.920.90EUR/GBP

1.331.321.32GBP/USD

0.740.730.72AUD/USD

1.301.321.32USD/CAD

10.2010.2010.31EUR/SEK

10.3010.4010.50EUR/NOK

4.594.574.40EUR/PLN

6.906.906.93USD/CNY

1.331.361.37USD/SGD

1145.001165.001185.00USD/KRW

74.0074.5074.76USD/INR

5.405.305.47USD/BRL

23.0022.3022.17USD/MXN

Spot rates are as of 19/8/2020Source: Bloomberg/IDC

Real GDP growth and inflationInflationGDP

growth

2021*2020*20192021*2020*2019in %

0.3-0.70.43.5-4.00.9CH

0.90.51.25.5-8.01.2EMU

1.91.11.83.4-5.52.3USA

1.30.91.86.4-10.51.4UK

1.50.41.75.0-6.02.0Australia

0.3-0.30.61.5-4.90.7Japan

2.62.72.95.63.36.1China

*Forecast date: 18/08/2020. These forecasts are no reliable indicators of future per-formance.Source: Credit Suisse

(19/08/2020)

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 18

Glossary

Risk warnings

Emerging markets are located in countries that possess one or more of the following characteristics: a certain degree of politicalinstability, relatively unpredictable financial markets and economic growth patterns, a financial market that is still at the developmentstage or a weak economy. Emerging market investments usually result in higher risks as a result of political, economic, credit,exchange rate, market liquidity, legal, settlement, market, shareholder and creditor risks.

Emerging markets

Regardless of structure, hedge funds are not limited to any particular investment discipline or trading strategy, and seek toprofit in all kinds of markets by using leverage, derivative instruments and speculative investment strategies that may increasethe risk of investment loss.

Hedge funds

Commodity transactions carry a high degree of risk and may not be suitable for many private investors. The extent of loss dueto market movements can be substantial or even result in a total loss.

Commodity investments

Investors in real estate are exposed to liquidity, foreign currency and other risks, including cyclical risk, rental and local marketrisk as well as environmental risk, and changes to the legal situation.

Real estate

Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor’sreference currency.

Currency risks

Equities are subject to market forces and hence fluctuations in value, which are not entirely predictable.Equity risk

Financial markets rise and fall based on economic conditions, inflationary pressures, world news and business-specific reports.While trends may be detected over time, it can be difficult to predict the direction of the market and individual stocks. Thisvariability puts stock investments at risk of losing value.

Market risk

High Yield Bonds are typically rated below investment grade or are unrated and as such are often subject to a higher risk ofissuer default.

High Yield bond risk

Perpetual Bonds have no maturity date and therefore the Interest pay-out depends on the viability of the issuer in the very longterm.

Perpetual Bond risk

In case of liquidation of the issuer, investors can only get back the principal after other senior creditors are paid.Subordinated Bond risk

Investors would face uncertainty over the amount and time of the interest payments to be received.Risk of Bonds with variable/ deferral of interest terms

Investors face reinvestment risk when the issuer exercises its right to redeem the bond before it matures.Callable bond risk

Investors would not have a definite schedule of principal repayment.Risk of Bonds with extendable maturity date

Investors are subject to both equity and bond investment risk.Convertible or exchangeable bond risk

The bond may be written-off fully or partially or converted to common stock on the occurrence of a trigger event.Cocos risk

Explanation of indices frequently used in reports

CommentIndex

S&P/ASX 200 is an Australian market-capitalization-weighted and float-adjusted stock index calculated by Standard and Poor's.Australia S&P/ASX 200

The US Corporate High Yield Index measures USD-denominated, non-investment grade, fixed-rate and taxable corporatebonds. The index is calculated by Barclays.

BC High Yield Corp USD

The Euro Corporate Index tracks the fixed-rate, investment-grade, euro-denominated corporate bond market. The index includesissues that meet specified maturity, liquidity and quality requirements. The index is calculated by Barclays.

BC High Yield Pan EUR

The US Corporate Index tracks the fixed-rate, investment-grade, dollar-denominated corporate bond market. The index includesboth US and non-US issues that meet specified maturity, liquidity and quality requirements. The index is calculated by Barclays.

BC IG Corporate EUR

The IG Financials Index tracks the fixed-rate, investment-grade, dollar-denominated financials bond market. The index includesboth US and non-US issues that meet specified maturity, liquidity and quality requirements. The index is calculated by Barclays.

BC IG Corporate USD

The S&P/TSX composite index is the Canadian equivalent of the S&P 500 Index in the USA. The index contains the largeststocks traded on the Toronto Stock Exchange.

Canada S&P/TSX comp

Consumer Confidence Indices (CCIs) are based on surveys of consumers' spending intentions and economic situations, as wellas their concerns and expectations for the immediate future.

Consumer Confidence Indices

The Credit Suisse Hedge Fund Index is compiled by Credit Suisse Hedge Index LLC. It is an asset-weighted hedge fund indexand includes only funds, as opposed to separate accounts. The index reflects performance net of all hedge fund componentperformance fees and expenses.

CS Hedge Fund Index

The Liquid Swiss Index ex govt CHF is a market-capitalized bond index representing the most liquid and tradable portion of theSwiss bond market excluding Swiss government bonds. The index is calculated by Credit Suisse.

CS LSI ex govt CHF

The German Stock Index stock represents 30 of the largest and most liquid German companies that trade on the FrankfurtExchange.

DAX

A measure of the value of the US dollar relative to the majority of its most important trading partners. The US Dollar Index issimilar to other trade-weighted indices, which also use the exchange rates from the same major currencies.

DXY

Eurostoxx 50 is a market-capitalization-weighted stock index of 50 leading blue-chip companies in the Eurozone.Eurostoxx 50

The FTSE EPRA/NAREIT Global Real Estate Index Series is designed to represent general trends in eligible real estate equitiesworldwide.

FTSE EPRA/NAREIT Global Real Estate Index Series

The Hedge Fund Barometer is a proprietary Credit Suisse scoring tool that measures market conditions for hedge fund strategies.It comprises four components: liquidity, volatility; systemic risks and business cycle.

Hedge Fund Barometer

TOPIX, also known as the Tokyo Stock Price Index, tracks all large Japanese companies listed in the stock exchange's "firstsection." The index calculation excludes temporary issues and preferred stocks.

Japan Topix

The Emerging Market Bond Index Plus tracks the total return of hard-currency sovereign bonds across the most liquid emergingmarkets. The index encompasses US-denominated Brady bonds (dollar-denominated bonds issued by Latin American countries),loans and Eurobonds.

JPM EM hard curr. USD

The JPMorgan Government Bond Index tracks local currency bonds issued by emerging market governments across the mostaccessible markets for international investors.

JPM EM local curr. hedg. USD

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 19

The MSCI All Country Asia Pacific Index captures large and mid cap representation across 5 developed market countries and8 emerging markets countries in the Asia Pacific region. With 1,000 constituents, the index covers approximately 85% of thefree float-adjusted market capitalization in each country.

MSCI AC Asia/Pacific

The MSCI All Country World Index captures large and mid cap representation across 23 developed markets and 23 emergingmarket countries. With roughly 2480 constituents, the index covers around 85% of the global investable equity opportunity set.

MSCI AC World

MSCI Emerging Markets is a free-float-weighted Index designed to measure equity market performance in global emergingmarkets. The index is developed and calculated by Morgan Stanley Capital International.

MSCI Emerging Markets

The MSCI EMU Index (European Economic and Monetary Union) captures large and mid cap representation across the 10Developed Markets countries in the EMU. With 237 constituents, the index covers approximately 85% of the free float-adjustedmarket capitalization of the EMU.

MSCI EMU

The MSCI Europe Index captures large and mid cap representation across 15 developed markets countries in Europe. With442 constituents, the index covers approximately 85% of the free float-adjusted market capitalization across the Europeandeveloped markets equity universe.

MSCI Europe

The MSCI United Kingdom Index is designed to measure the performance of the large and mid cap segments of the UK market.With 111 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the UK.

MSCI UK

MSCI World is an index of global equity markets developed and calculated by Morgan Stanley Capital International. Calculationsare based on closing prices with dividends reinvested.

MSCI World

OECD Composite Leading Indicators (CLIs) are designed to provide early signals of turning points in business cycles withcomponents that measure early stages of production, respond to changes in economic activity, and are sensitive to expectationsof future activity.

OECD Composite Leading Indicators

Purchasing Managers' Indices (PMIs) are economic indicators derived from monthly surveys of private-sector companies. Thetwo principal producers of PMIs are Markit Group, which conducts PMIs for over 30 countries worldwide, and the Institute forSupply Management (ISM), which conducts PMIs for the United States. The indices include additional sub-indices for manufac-turing surveys such as new orders, employment, exports, stocks of raw materials and finished goods, prices of inputs and finishedgoods, and services.

Purchasing Managers' Indices

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe basedon 1000 large-cap companies with higher price-to-book ratios and higher forecast growth values.

Russell 1000 Growth Index

The Russell 1000 Index is a stock market index that represents the highest-ranking 1,000 stocks in the Russell 3000 Index(encompassing the 3,000 largest US-traded stocks, with the underlying companies all incorporated in the USA), and representingabout 90% of the total market capitalization of that index. The Russell 1000 Index has a weighted average market capitalizationof USD 81 billion and the median market capitalization is approximately USD 4.6 billion.

Russell 1000 Index

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe based on1000 large-cap companies with lower price-to-book ratios and lower expected growth values.

Russell 1000 Value Index

The Swiss Market Index is made up of 20 of the largest companies listed of the Swiss Performance Index universe. It represents85% of the free-float capitalization of the Swiss equity market. As a price index, the SMI is not adjusted for dividends.

Switzerland SMI

FTSE 100 is a market-capitalization-weighted stock index that represents 100 of the most highly capitalized companies tradedon the London Stock exchange. The equities have an investibility weighting in the index calculation.

UK FTSE 100

Standard and Poor's 500 is a capitalization-weighted stock index representing all major industries in the USA, which measuresthe performance of the domestic economy through changes in the aggregate market value.

US S&P 500

Abbreviations frequently used in reports

DescriptionAbb.DescriptionAbb.

International Monetary FundIMF3/6/12 month moving average3/6/12 MMA

Latin AmericaLatAmAlternative investmentsAI

London interbank offered rateLiborAsia PacificAPAC

Million barrels per daym b/dbarrelbbl

A measure of the money supply that includes all physical money,such as coins and currency, as well as demand deposits,checking accounts and negotiable order of withdrawal accounts.

M1Bank IndonesiaBI

A measure of money supply that includes cash and checkingdeposits (M1) as well as savings deposits, money market mutualfunds and other time deposits.

M2Bank of CanadaBoC

A measure of money supply that includes M2 as well as largetime deposits, institutional money market funds, short-term re-purchase agreements and other larger liquid assets.

M3Bank of EnglandBoE

Mergers and acquisitionsM&ABank of JapanBoJ

Monetary Authority of SingaporeMASBasis pointsbp

Master Limited PartnershipMLPBrazil, Russia, China, IndiaBRIC

Month-on-monthMoMCompound annual growth rateCAGR

Monetary Policy CommitteeMPCChicago Board Options ExchangeCBOE

Option-adjusted spreadOASCash from operationsCFO

Organisation for Economic Co-operation and DevelopmentOECDCash flow return on investmentCFROI

Overnight indexed swapOISDiscounted cash flowDCF

Organization of Petroleum Exporting CountriesOPECDeveloped MarketDM

Price-to-book valueP/BDeveloped MarketsDMs

Price-earnings ratioP/EEarnings before interest, taxes, depreciation and amortizationEBITDA

People's Bank of ChinaPBoCEuropean Central BankECB

P/E ratio divided by growth in EPSPEGEastern Europe, Middle East and AfricaEEMEA

Purchasing Managers' IndexPMIEmerging MarketEM

Purchasing power parityPPPEurope, Middle East and AfricaEMEA

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 20

Quantitative easingQEEmerging MarketsEMs

Quarter-on-quarterQoQEuropean Monetary UnionEMU

right-hand side (for charts)r.h.s.Earnings per shareEPS

Reserve Bank of AustraliaRBAExchange traded fundsETF

Reserve Bank of IndiaRBIEnterprise valueEV

Reserve Bank of New ZealandRBNZFree cash flowFCF

Real estate investment trustREITUS Federal ReserveFed

Return on equityROEFunds from operationsFFO

Return on invested capitalROICFederal Open Market CommitteeFOMC

Reserve requirement ratioRRRForeign exchangeFX

Strategic asset allocationSAAGroup of TenG10

Special drawing rightsSDRGroup of ThreeG3

Swiss National BankSNBGross domestic productGDP

Tactical asset allocationTAAGovernment Pension Investment FundGPIF

Trade-Weighted IndexTWIHard currencyHC

Volatility IndexVIXHigh yieldHY

West Texas IntermediateWTIInterest-bearing debtIBD

Year-on-yearYoYCredit Suisse Investment CommitteeIC

Year-to-dateYTDInvestment gradeIG

An indicator of the average increase in prices for all domesticpersonal consumption.

Personal ConsumptionExpenditure (PCE defla-tor)

Inflation-linked bondILB

Currency codes frequently used in reports

CurrencyCodeCurrencyCode

South Korean wonKRWArgentine pesoARS

Mexican pesoMXNAustralian dollarAUD

Malaysian ringgitMYRBrazilian realBRL

Norwegian kroneNOKCanadian dollarCAD

New Zealand dollarNZDSwiss francCHF

Peruvian nuevo solPENChilean pesoCLP

Philippine pesoPHPChinese yuanCNY

Polish złotyPLNColombian pesoCOP

Russian rubleRUBCzech korunaCZK

Swedish krona/kronorSEKEuroEUR

Singapore dollarSGDPound sterlingGBP

Thai bahtTHBHong Kong dollarHKD

Turkish liraTRYHungarian forintHUF

New Taiwan dollarTWDIndonesian rupiahIDR

United States dollarUSDIsraeli new shekelILS

South African randZARIndian rupeeINR

Japanese yenJPY

Important information on derivatives

Option premiums and prices mentioned are indicative only. Option premiums and prices can be subject to very rapid changes:The prices and premiums mentioned are as of the time indicated in the text and might have changed substantially in themeantime.

Pricing

Derivatives are complex instruments and are intended for sale only to investors who are capable of understanding and assumingall the risks involved. Investors must be aware that adding option positions to an existing portfolio may change the characteristicsand behavior of that portfolio substantially. A portfolio’s sensitivity to certain market moves can be heavily impacted by theleverage effect of options.

Risks

Investors who buy call options risk the loss of the entire premium paid if the underlying security trades below the strike price atexpiration.

Buying calls

Investors who buy put options risk loss of the entire premium paid if the underlying security finishes above the strike price atexpiration.

Buying puts

Investors who sell calls commit themselves to sell the underlying for the strike price, even if the market price of the underlyingis substantially higher. Investors who sell covered calls (own the underlying security and sell a call) risk limiting their upside tothe strike price plus the upfront premium received and may have their security called away if the security price exceeds thestrike price of the short call. Additionally, the investor has full downside participation that is only partially offset by the premiumreceived upfront. If investors are forced to sell the underlying they might be subject to taxing. Investors shorting naked calls(i.e. selling calls but without holding the underlying security) risk unlimited losses of security price less strike price.

Selling calls

Put sellers commit to buying the underlying security at the strike price in the event the security falls below the strike price. Themaximum loss is the full strike price less the premium received for selling the put.

Selling puts

Investors who buy call spreads (buy a call and sell a call with a higher strike) risk the loss of the entire premium paid if theunderlying trades below the lower strike price at expiration. The maximum gain from buying call spreads is the difference betweenthe strike prices, less the upfront premium paid.

Buying call spreads

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 21

Selling naked call spreads (sell a call and buy a farther out-of-the-money call with no underlying security position): Investorsrisk a maximum loss of the difference between the long call strike and the short call strike, less the upfront premium taken in,if the underlying security finishes above the long call strike at expiration. The maximum gain is the upfront premium taken in, ifthe security finishes below the short call strike at expiration.

Selling naked call spreads

Investors who buy put spreads (buy a put and sell a put with a lower strike price) also have a maximum loss of the upfrontpremium paid. The maximum gain from buying put spreads is the difference between the strike prices, less the upfront premiumpaid.

Buying put spreads

Buying strangles (buy put and buy call): The maximum loss is the entire premium paid for both options, if the underlying tradesbetween the put strike and the call strike at expiration.

Buying strangles

Investors who are long a security and short a strangle or straddle risk capping their upside in the security to the strike price ofthe call that is sold plus the upfront premium received. Additionally, if the security trades below the strike price of the short put,investors risk losing the difference between the strike price and the security price (less the value of the premium received) onthe short put and will also experience losses in the security position if they owns shares. The maximum potential loss is the fullvalue of the strike price (less the value of the premium received) plus losses on the long security position. Investors who areshort naked strangles or straddles have unlimited potential loss since, if the security trades above the call strike price, investorsrisk losing the difference between the strike price and the security price (less the value of the premium received) on the shortcall. In addition, they are obligated to buy the security at the put strike price (less upfront premium received) if the security fin-ishes below the put strike price at expiration.

Selling strangles or straddles

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 22

Important information on mutual fundsFees and charges, etc.Different types of fees and commissions (subscription fee, amount whichmust be retained in trust assets, repurchase fee, etc.) are charged wheninvestment trusts/funds are purchased and sold. In addition, apart from thesefees and commissions, trust and management fees and other fees (auditfee, trust administrative charges, carried interest, etc.) are charged and borneby you through your trust asset. Fees and commissions borne by you will bea sum of these amounts. Such fees and commissions vary depending onthe investment trust/fund and depending on the investment status, andtherefore, we cannot provide specific amounts or calculation methods.

For detailed information on fees and commissions, etc. of each re-spective investment trust/fund, please refer to the pre-contractdocuments (prospectus and other supplementary documents).

Important information on dividends:• Dividends are different to interest on deposits and are paid from the netasset value of investment trusts/funds. Therefore, when dividends are paid,the base value (net asset value per unit) will decrease by an amount equivalentto the amount paid.

• Dividends may be paid exceeding the profit earned during the calculationperiod (trading profit including profits of dividends, etc. after expenses). Inthis case, the base value (net asset value per unit) on the settlement datein this period will decrease compared to that on the settlement date in theprevious period. Also, the level of dividends does not always reflect the rateof return for the investment trust/fund during the calculation period.

• A part or all of dividends may be virtually equivalent to some repayment ofthe principal depending on the purchase price of the investment trust/fundby an investor. The same can be applied to a case that an increase in thebase value (net asset value per unit) is smaller than a dividend amount dueto the investment status after purchase of the investment trust/fund.

Please refer to the prospectus for details.

Explanation of major risks (description pursuant to Ar-ticle 37 (Regulation on Advertising, etc.) of the FinancialInstruments and Exchange Act, etc.)The risks described below are a summary of some general risks of investmenttrusts/funds (risks which have an impact on net asset value) and do notcover all risks. Please refer to the pre-trade documents (prospectus andother supplementary documents).

Price volatility risk:Investment trusts/funds invest mainly in equities, bonds and derivativeproducts, etc. The value of the investment trust/fund will go up or down dueto increases or decreases in the prices of such investments. Further, thevalue of such investments will be impacted by political and economic factors,the financial standing of an issuer, market demand and supply, interest ratesand other factors.

Foreign currency risk:Investment trusts/funds which invest in equities or bonds, etc. denominatedin foreign currencies entail a foreign currency risk, and the base value (ornet asset value) of investment trusts/funds may change depending on thecurrency exchange rate. Even when you do not experience a loss of invest-ment principal when calculated in the base currency, you may suffer a lossat conversion into Japanese yen due to fluctuations in exchange rates. Fur-thermore, investment trusts/funds which utilize currency trading amongmultiple currencies may incur costs due to such currency trading dependingon the difference in short-term interest rates between the currencies, andyou may suffer a loss.

Credit risk:For investment trusts/funds which invest in equities or bonds, etc., the pricesof these investments may increase and decrease due to changes in thebusiness or financial standing of the issuer and other factors, and you maysuffer a loss.

Risk pertaining to liquidity:Where there is sudden high volume in a particular investment or when suddenchanges in the external environment surrounding markets triggers a suddendownturn in a market or period of market turmoil, etc., investments may notbe flexibly traded. In such a case, a decline in the price of the investmentmay impact the base value (or net asset value) of the investment trust, result-ing in a loss. Further, the management company may decide to stop calcu-lation of net asset prices or suspend sell or redemption claims.

In addition, for certain types of investment trust/fund there is a risk thatparticular investments may be designated to a separate account (or sidepocket) due to a lack of liquidity. When a separate account is utilized by in-vestment trusts/funds restrictions may apply as to when such investmentscan be liquidated through a sell or redemption claim and there may be a re-striction in the timing or form of redemption claim permissible. In particular,for Fund of Fund investments, when an investment trust/fund makes an in-vestment without time limit in another fund, the investment trust/fund maybe influenced by investment results in the other funds.

Risk associated with an outflow of money received fromsales orders:When there is a large volume of sale orders in a short period of time, theinvestment trust/fund may be forced to sell structured securities at a lowerrate than the prevailing market price to refund monies to investors and as aresult you may suffer a loss. Also, alternative investment trusts/funds gen-erally have a limitation in selling or cashing out the investment compared totraditional investment trusts/funds. Many alternative investment trusts/fundsonly accept a sell or redemption order on a monthly or quarterly basis andtherefore you may not be able to rapidly exit the investment in, for example,times of economic uncertainty.

Redemption risk:Investment trusts/funds may become subject to mandatory redemption dueto a certain reason. For details, please refer to the pre-trade documents(prospectus and other supplementary documents) before subscription.

Concentration risk:Investment trusts/funds which invest in a certain investment product orsimilar investment product group may significantly decrease in value (netasset value) under severe market circumstances.

Country risk:When changes in political, economic and social conditions in investmentdestination countries and regions cause a dislocation in financial and securitymarkets, security prices may significantly change. Also, investments inemerging markets involve unique risks including small market size and tradevolume, political and social uncertainties, undeveloped market infrastructuresuch as a clearing system, undeveloped information disclosure system andlegal system by supervising authorities, large fluctuations in exchange rates,restrictions on currency remittance to foreign countries and other factors,and, therefore, may have larger price fluctuations compared to investmentsin major developed markets.

Important information on non-Japanese stocksPlease refer to the issuer information when you purchase non-Japanesestocks.

DisclaimerThis material is published solely for information purposes and is intended forthe recipient’s sole use. Credit Suisse does not represent or warrant its ac-curacy or completeness. The material is not directly or indirectly intended forany investment solicitation, and does not constitute an invitation or offer toconclude a transaction contract for financial instruments, etc. Credit Suisseaccepts no liability for loss arising from the use of the information in thismaterial. It is recommended that you consult with the third party professionaladvisors as to legal or tax issues, etc. This material should not be reproducedor quoted without the prior express written consent of Credit Suisse. Theinformation and opinions expressed in this material were produced by PrivateBanking Division at Credit Suisse as of the date of writing and are subjectto change without notice. Views expressed in respect of particular investmentproducts in this material may be different from, or inconsistent with, the ob-

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 23

servations and views of other divisions besides Private Banking due to thedifferences in evaluation criteria. This material is solely distributed in Japanby Credit Suisse Securities (Japan) Limited. Credit Suisse Securities (Japan)Limited will not distribute or forward it outside Japan.

You may incur a loss as a result of fluctuations in stock prices if you investin stocks. In relation to foreign stocks, you may incur a loss in such stocksdue to foreign exchange rate fluctuations, etc. The market value of bondsis affected by interest rate fluctuations or changes in the financial standingof any issuer, etc. as such you may incur a loss if you sell such bonds beforethey are redeemed. In relation to foreign bonds, you may incur a loss in suchbonds due to foreign exchange rate fluctuations, etc. The net asset valueof mutual funds can fall as well as rise due to price changes of underlyingstocks, bonds, etc. and foreign exchange rate fluctuations, and this maycause you to incur a loss.

Structured securities and derivatives are complex instruments, typically involvea high degree of risk and are intended for sale only to sophisticated investorswho are capable of understanding and assuming the risks involved. Themarket value of any structured security or transaction may be affected bychanges in financial market conditions, reference indices, volatility and thecredit quality of any issuer or reference issuer.

Furthermore, there are structured securities on which you may incur a losssince the redemption amounts are linked with fluctuations in reference indices,etc. There are also derivatives on which potential losses may exceed theamount of the initial investment. Commission rates for any transactions willbe as per the rates agreed between Credit Suisse and you. For transactionsconducted on a principal to principal basis between Credit Suisse and you,the purchase or sale price will be the total consideration. Transactions con-

ducted on a principal to principal basis, including over the counter derivativestransactions, will be quoted as a purchase/bid price or sell/offer price andfor which a difference or spread may exist. Charges in relation to transactionswill be agreed prior to dealing as per our requirements under the FinancialInstruments and Exchange Law.

By purchasing financial instruments, etc., you may incur a loss or aloss in excess of the principal as a result of fluctuations in marketprices or other financial indices, etc. Please read carefully the Pre-Contract Documentation provided for an explanation of associatedrisks and commissions etc. of individual financial instruments, etc.prior to purchase. Please contact your Relationship Manager if youhave any questions.

UNITED STATES: NEITHER THIS REPORT NOR ANY COPY THEREOFMAY BE SENT, TAKEN INTO OR DISTRIBUTED IN THE UNITED STATESOR TO ANY US PERSON (WITHIN THE MEANING OF REGULATION SUNDER THE US SECURITIES ACT OF 1933, AS AMENDED).

Credit Suisse Securities (Japan) Limited, Financial Instruments Dealer, Di-rector-General of Kanto Local Finance Bureau (Kinsho) No. 66, a memberof Japan Securities Dealers Association, Financial Futures Association ofJapan, Japan Investment Advisers Association, Type II Financial InstrumentsFirms Association.

Copyright © 2020 Credit Suisse Group AG and/or its affiliates. All rightsreserved.

20C013A_IS_J

Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 24

Imprint

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PublisherCredit Suisse Private Banking & Wealth ManagementInvestment Solutions & Products

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Investment Monthly | Japan edition / Credit Suisse Securities (Japan) Ltd., August 2020 25


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