SY [I (Nay Guptaidb, 01/10/2014)

From: Nay Guptaidb/ To: Tazia Smith/db, Date: 01/10/2014 08:21 AM Subject: SY [I] Classification: For internal use only Long SY call options. we like long expiry options to benefit from the present dislocation between interest rates and volatility Deutsche Bank FX strategists are calling for USDJPY of 115 by year-end 2014, and 120 by year-end 2015. see DB FX Blueprint published 1/9/14, and note that *2 of the top 10 themes of 2014 (p. 5-6) revolves around extended weakness in the J