policy easing. 120 Index, rebased so 12/31/2015 = 115 100 110 105 100 95 90 . Jan 2016 Mar 2016 May 2016 Jul 2016 JPY —CNY Figure 4: JPY/USD and CNY/USD trends compared in 2016 Source: Bloomberg Finance L P. Deutsche Bank Wealth Management. Date as of August 9. 2018 p.8 CONFIDENTIAL -