From: Tazia Smith Sent: 11/19/2013 8:58:35 AM To: [email protected] CC: Paul Morris jam); Vahe Stepanian Subject: yen weakness commentary + zero-cost one-touch implementation... IC) Attachments: pic13594.gif; pic24762.gif 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 uSDc7Pvp 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, Date: 11/17/2013 10:41 PM Subject: DEutsche JApan View on FX - USD/JPY: 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: http://pull.db-gmresearch.com/p/595-7E84/54241687/D8_DEJAviewFx_2013-11-18_09 00b8c0878bf5ab.pdf When USO/JPv tries 103, market forecast can rise to 110 in 3-6 months The uSD/JPY is a good proxy of the US economic recovery. Since the end of the first round of the "Abe market" in late may, the USD/JPY 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 Y100 level. Abenomics would be a secondary factor for the USD/3M'. The yen will not CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123010 CONFIDENTIAL SDNY_GM_00269194 EFTA01461158