Bank of America Merrill Lynch analysis of Japanese and Hong Kong equity volatility and calendar put strategy

Bank of America Merrill Lynch analysis of Japanese and Hong Kong equity volatility and calendar put strategy The passage is a routine market research note discussing volatility term structures, calendar put trades, and central bank yield curve control. It contains no references to political figures, government agencies, foreign leaders, or potential misconduct, offering no actionable investigative leads. Key insights: NKY and HSCEI term structures are steep, suggesting calendar put hedges.; Bank of America holds an open NKY calendar put trade (Jul-17 19,500 puts vs Dec-17 17,500 puts).; BOJ's yield curve control has capped the Nikkei/Topix ratio and volatility.