40% 60% 80% % Hedged -♦-Foreign Equity -am- Foreign Bonds 20% 18% i £■16% *- 1 14% " £ 12% - - 10% il *=:: 4% -- 2% -- 0% - 0% 3% 100% 20% 40% 60% % Hedged -♦- Foreign Equity -11- Foreign Bonds   U.K. Perspective 100% 100% ■ Foreign Equity 40% 60% % Hedged ■Foreign Equity -n-Foreign Bonds Yen Perspective 40% 60% % Hedged -Foreign Bonds FIGURE 11.3 Foreign Asset Volatility and Currency Hedging