SY (I (Nav Gupta/db, 01/10/2014)

(Embedded image moved to file: pic17668.gif) used with permission of Bloomberg Finance LP, 1/10/14 Forwarded by Tazia Smith/ n 01/12/2014 03:29 PM From: Nav Gupta/db To: Tazia Smith/d 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 ye