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bank shares to rise. If the BoJ does move to make policy more flexible, we think the focus will be on JGBs, rather than on negative interest rates. Chart Pack: 3 EFTA_R1_00106914 EFTA01785102 Nasdaq Bio Tech Index: Buy Calls on Bio-Tech US Investment Grade ETF, (LQD in white) and (Shares Outstanding i

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bank shares to rise. If the Sal does move to make policy more flexible, we think the focus will be on JGBs, rather than on negative interest rates. Chart Pack: Nasdaq Bio Tech Index: Buy Calls on Bio-Tech US Investment Grade ETF, (LQD in white) and (Shares Outstanding in Green). Buy Puts on IG Credit. In