le b 2015 • Abenomics will lead to higher operational leverage and an improved domestic economy • BoJ will ease further as needed; DB expects USD/JPY FX to reach 120 by 2015 • Strong macroeconomic data and increase in overseas asset purchases by the Japanese • GPIF panel report (a third arrow init

t2013.pdf • Abenomics will lead to higher operational leverage and an improved domestic economy • BoJ will ease further as needed; DB expects USD/JPY FX to reach 120 by 2015 • Strong macroeconomic data and increase in overseas asset purchases by the Japanese • GPIF panel report (a third arrow init