EFTA Document EFTA01455676

• Investors are waiting for the giant Japanese pension funds to re-allocate away from bonds to equities • The Abe administration is looking for additional ways to stimulate the economy • Nikkei vols are high and skew is poor - no easy way to get into the trade, best to do calls vs puts 1-to-1 struck around major technical levels • Chart showing NKY history with strike of 90% put highlighted <8.3312.gif, Source: Bloomberg 25-Sep-2014 Past performance is not a reliable indicator of futu