From: Tazia Smith To: jeevacation(kgmail.com Cc: , Paul Morris Subject: yen weakness commentary + zero-cost one-touch implementation... [C] Date: Tuc, 19 Nov 2013 13:58:37 +0000 Inline-Images: unnamed; unnamed(1) >, Vahe Stepanian Classification: Confidential Good Morning Jeffrey - I found this commentary below of interest, asserting that yen weakness (and Japanese equity strength) will be a result of strength in the US, not a direct result of Abenomics. See what you think. We still like the USDcJPYp zero-cost one touch (indicative levels below). Thoughts? Best Regards, Tazia --- Forwarded by Tazia Smith/db/dbcom on 11/18/2013 11:03 AM -- From: 'Taisuke Tanaka. Deutsche Securities Inc.' To: Tazia Smith/db/dbcom@DBAMERICAS. Dale: 11/17/2013 10:41 PM Subject: DEutsche JApan View on FX - USDIJPY: Self-enforcing trend Deutsche Securities Inc. - Fixed Income Research DEutsche JApan View on FX - USD/JPY: Self-enforcing trend 18 November 2013 (1 page/ 235 kb) Download the complete report When USD/JPY tries 103, market forecast can rise to 110 in 3.6 months The USDIJPY is a good proxy of the US economic recovery. Since the end of the first round of the "Abe market" in late May, the USDIJPY has stagnated along with the wavering outlook for the US economy. With the release of the surprisingly solid US payroll data, the rate has climbed again to the V100 level. Abenomics would be a secondary factor for the USD/JPY. The yen will not weaken unless the US economy strengthens, Japanese stock markets will not rally unless the yen weakens, and Abenomics will not succeed unless the yen weakens and the stock markets rally. Fortunately, we believe the Abe administration will continuously benefit from a robust US upswing in 2014. EFTA01141310