eepest & 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 squeeze in US and Japanese yields is most positive Japan in Asia • Buy lx NKY Oct 17500

=; 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 squeeze in US and Japanese yields is =ost positive Japan in Asia * * Buy lx NKY Oct