endar trade opened on 25-Jul • NKY & USDJPY IMth vols are down 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