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 in Green). Buy Puts on IG Credit. In JGB Futures, 150.

s=. If the Bel does move to make policy more flexible, we think the focus wi=l be on JGBs, rather than on negative interest rates. Chart Pack:<=b> Nasdaq Bio Tech In=ex: Buy Calls on Bio-Tech US Investment Grad= ETF, (LQD in white) and (Shares Outstanding in Green). Buy Puts on IG Credit. <=span> In JGB Futu