10 9 7 6 T T T 0 9M 12M Sweat Moon, RaanatLP Chas 4,0021..waspols 10 tb• xi. 25% Si% 75% wx, 95% pLecoartin Paw OS pal t WM yaws bilse "*1 Inplasert ewax roar,* 'Modeled 1Y realized USD/JPY vol versus implied 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% Y Realised Vol (Model) Y Implied Vol 9