EFTA Document EFTA01451131

Bearish Yen, Positive Carry Trade Deutsche Bank FX Strategists are calling for USDJPY of115 by year-end 2014. and 120 by year-end 2015. See DB FX Blueprint published 119/14. and note that #2 of the top 10 themes of 2014 (p. 5-6) revolves around extended weakness in the Japanese Yen vs. USD. Consider a positive carry solution of buying a long-dated in the money call and selling an in the money knock-out for positive carry and time decay, as well as very high gamma for gearing to a short-term