1.   Higher German rates could undermine the dollar by increasing the appeal of mark-denominated deposits and bonds.

2.   Higher German rates would undermine the dollar by making some mark-denominated assets more attractive.

3.   High rates of taxation undermine incentives to work.

4.   Higher German rates undermine the dollar by making mark-denominated deposits more attractive.

5.   Higher German rates would undermine the dollar by making mark-denominated deposits and bonds more attractive.

6.   Higher U.S. rates undermine stocks by making it more expensive for companies to borrow money and invest.

7.   Low Japanese rates undermine the yen because investors, in search of higher returns elsewhere, sell yen for other currencies.

8.   Low Japanese rates undermine the yen by making bank deposits denominated in that currency less attractive.

9.   Low Japanese rates undermine the yen by making yen deposits less attractive.

10.   Low rates undermine the yen by making yen-denominated assets less attractive to investors.