Capital Flow Analysis

Hello!! I am trying to understand capital flows among carry traders and institutions as relating to interest rates.

Can I claim the following just by looking at the chart? Do you agree?


External Link: http://4.bp.blogspot.com/-lCOoqbkkEzo/UTcjQoB3f6I/AAAAAAAAAvY/rHQuV9K9yMU/s1600/capital+flows.gif
Thanks!