9, vega: USDJPY 2M-1M ATM term structure (1.7%) is at its 5-year high while the NKY 2M-1M term structure (1.5%) is at its 98th percentile Source: BotA Meng Lynch Global Research Daly data from 5-Jan-16 to 5- Source BMA Memo Lynch Global Research Aug.16 EFTA_R1_00024952 EFTA01737921 Current NKY Sep-Oct ATM volatility is The