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highlight a yen-weakening impact for this scale of investment. Of course, if the environment continues to encourage risk-taking activity even without NISA, investors may invest more heavily and keenly in the NISA program. However, most Japanese investors including individuals have been net sellers of foreign securities and domestic stocks even amid the sharp drop in the yen and equity rally under the "Abe market" spurred by the economic policies of Prime Minister Shinzo Abe. We cannot imagine a 180-degree turnabout in investor behavior on the basis of NISA. Our belief that the yen will decline in value is based on the strength of the US economy, the BoJ's "easing of a new dimension", overseas yen carry trades, and Japanese buying of foreign currencies on dips. Regardless of NISA, we reiterate our USD/JPY forecast of ¥115 at end-2014 and ¥120 at end-2015. Still, we do not want to be misunderstood. Setting aside the overheated speculation in the markets, we do not doubt that NISA will support a depreciation in the yen and rise in equity markets going forward. Taisuke Tanaka Click/ copy this link into a browner to access the report httpirptill.db-dmresearch.com/p601-FCD1r22257562/08 DEJAViewFX 2013-12- 18 OSOCb8c087adacalpdf. II you have any difficulty accessing the report, please forward this email with the word 'PDF in the subject line to GPAResearch.Subscriptions&db.com. Alter 90 days you can access the report on our web site: httprrom.db.com. You have received this mail because you have subscribed to DEutsche JApan View on FX For changes to your current research subscription, visit httparipm.db.comirsm or email 0MResearch.Subscriptionsf2db.com. Please refer to the applicable legal dIsclainers in the full report. Sir Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 26th Floor Ne Tel.e Fax Mobile Email pacio-1,1tEr per CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123137 CONFIDENTIAL SDNY_GM_00269321 EFTA01461230