EFTA Document EFTA01472973

Subject: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality From: Daniel Sabba < Date: Fri, 01 May 2015 10:15:37 -0400 To: jeffrey E. <jeevacation@ mail.com> Cc: Paul Morris Vahe Stepanian Ariane Dwyer Richard Kahn Jeffrey - we wanted to share this note with you as it relates to what we perceive to be your macro views. James Malcolm is updating his view on the BoJ - he thinks there is now material event risk for the July meeting which warrants some 3-month vo