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tial early snap election. Any positive impact of Japanese fiscal easing on growth is likely to manifest itself in higher inflation expectations under the Bo)’s yield-targeting regime, which means Japanese real interest rates can actually fall. Watch Abe-Trump meeting - coordination or conflict? Given the h
Page: HOUSE_OVERSIGHT_014424 →ill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de CV, Casa de Bolsa, regulated by the Comisidn Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de V
Page: HOUSE_OVERSIGHT_014429 →ring is therefore a risk and the market could start testing the ECB. Even if Draghi succeeds, the Euro could strengthen in the meantime. In contrast, the Bo)’s new framework should address the sustainability challenges that Kuroda faced this year, and allows more fiscal stimulus by keeping the government’s b
Page: HOUSE_OVERSIGHT_014748 →ill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de CV, Casa de Bolsa, regulated by the Comisidn Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de V
Page: HOUSE_OVERSIGHT_014785 →mieant Sep-16 Bo)’s will likely create uncertainty, however, NKY Sep-Oct ATM fwd vol currently trades at the low end of its trading range going into Bo)’s YTD. Plus, our analysis See Team Page for Full List of Contributors >> Employed by a non-US affiliate of MLPF&S and is not registered/qualified as
Page: HOUSE_OVERSIGHT_025978 →ill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; errill Lynch (Mexico): Merrill Lynch Mexico, SA de CV, Casa de Bolsa, regulated by the Comisién Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de V
Page: HOUSE_OVERSIGHT_026002 →Entities connected to both Casa de Bolsa and the Bo)

Merrill Lynch
ORGANIZATION
Bank of America
ORGANIZATION
Donald Trump
PERSONBaFin
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
Frankfurt
LOCATIONMerchant Bank
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATION
United Kingdom
LOCATIONthe Capital Market Authority
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION
Comisién Nacional de Valores
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONOtoritas Jasa Keuangan
ORGANIZATION