Euro U.S. Psrspsctivs 40% 60% % Hsdgsd -Pound Yen 4.5% -1.5% 0% 20% ■ Dollar Euro Psrspsctivs 40% 60% % Hedged ~~#- Pound 80% Yen 100%   4.5% 100% 100% 4.5% ■ Euro U.K. Psrspsctivs 40% 60% % Hsdgsd -Hi-- Dollar Yen ■ Euro Yen Psrspsctivs 40% 60% % Hsdgsd --II- Pound Dollar FIGURE 11.7 Implied Currency Returns