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      "text": "Weekly 12/31/2004 - 7/19/2021. USD.JPY (R2) 109.45. 10yr Real Interest Rate Differential (R1) -1.00",
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      "text": "Real rates adjust nominal interest rates for inflation expectations. A negative real rate suggests that inflation will be higher than the nominal interest rate.",
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      "text": "Source: Bloomberg, © Merk Investments LLC. Real interest rates are 10 year sovereign bond yields versus the so-called breakeven rate. IRD = Interest Rate Differential",
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