to YTD low: Pricing in a slow summer • USDJPY 2M-1M term structure at its steepest & NKY's in its 98th %-ile since 2011 • BofA ML: BoJ plans for Sep16 'comprehensive assessment' create uncertainty • Market expectation for the Sep BOJ in terms of fwd vol is the near its lows YTD • A further squee

w:=Pricing in a slow summer * * USDJPY 2M-1M term structure at its steepest &am=; NKY's in its 98th %-ile since 2011 • * BofA ML: BoJ plans for Sep16 'comprehensive=assessment' create uncertainty * * Market expectation for the Sep BOJ in terms of =wd vol is the near its lows YTD • * A further