31.   Higher U.S. rates discourage many investors from buying riskier securities, including Brazilian equities.

32.   Higher rates discourage investors from taking their savings out of the country, and can entice investors to buy Mexican fixed-income securities in preference to equities.

33.   Higher U.S. bond yields also discouraged investors from buying riskier emerging market securities.

34.   Higher U.S. interest rates sometimes prompt the Mexican central bank to push local rates higher in order to discourage investors from taking their money out of the country.

35.   Higher rates could also discourage Japanese investors from increasing their asset allocations into European markets.

36.   Higher rates discourage investors from taking their savings out of the country and can entice investors to buy Mexican fixed-income securities in preference of equities.

37.   Investors were discouraged by a weaker dollar and worries of possible new inflationary pressures.

38.   Investors are also discouraged by the mercurial authorities in Qeshm, saying regulations can change without explanation.

39.   It also discourages domestic investors by fanning concern that more expensive imports will trigger inflation.

40.   Lack of dollar buying by the Bank of Japan also discouraged investors and made them sell dollars, Yamaguchi added.