ovember 2016 Investment Strategy Japan Shusuke Yamada, CFA >> FX/Equity Strategist Merrill Lynch (iapan) #8] 3 6225 8515 [email protected] Paul Ciana, CMT Technical Strategist MLPF&S +1 646 855 6007 [email protected] HOUSE_OVERSIGHT_014424 --- PAGE BREAK --- Chart 1: USDJPY vs yield spread Ch

<2” 46 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 . Merrill Lynch HOUSE_OVERSIGHT_014776 --- PAGE BREAK --- Best Technical Trades Paul Ciana, CMT MLPF&S [email protected] Technical trends for Trump ¢ Bullish USD: Breadth and technicals favor USD. Overall they point to a stronger US doll

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