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effective strategy. 6) Abenomics: If the US economy were weak, then yen depreciation and rising stocks could not be called Abenomics' policies, and Abenomics would be a disappointment. However, if a strong US economy facilitates a rising USD/JPY and outperformance by Japanese stocks, then Abenomics should somewhat reinforce sentiment for JPY depreciation and rising stocks. Prime Minister Abe will shuffle his cabinet in September, and appears resolved to continue implementing a revamped Abenomics. 7) BoJ's quantitative and qualitative monetary easing: If the JPY depreciates and stocks rise then we do not think the BoJ will have to implement additional easing. However, it will not likely reach its 2% inflation goal, even as we approach the initial two year target period. The quantitative and qualitative monetary easing policy being prolonged beyond the second year would mean continuing support for JPY depreciation. Taisuke Tanaka Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 10154-0004 New York. NY, LISA Pc4s:icri,--fa Pei/fowl, Click/ copy this link into a browser to access the report: htlpllpull.db-gmresearch conVp/589-48F3/26441267/06 DEJAVievFX 2014-08- 21 0900:93c06Sa52a87.pdf. If you have any diffictity accessing the report, please forward this email with the word 'PDF in the subject line to GMResearch.Subscriptionstbdb.com. After 90 days you can access the report on our web site: http://gm.db.com. You have received this mail because you have subscribed to DEutsche JApan View on FX For changes to your cunent research subscription, visit hnin://gm.db.comirsin or email GMResearch.Subscriptionsaldb.com. Please refer to the applicable legal disclainers in the full report. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124574 CONFIDENTIAL SDNY_GM_00270758 EFTA01462165