The document discusses the potential impact of the NISA program on yen depreciation and equity markets, highlighting that despite the program, Japanese investors have been net sellers of foreign securities and domestic stocks. The memo predicts a decline in the yen's value based on various economic factors and reiterates a USD/JPY forecast of ¥115 at end-2014 and ¥120 at end-2015.
documents/vol00010-efta01461230-pdf.pdf
{"key_people":["Taisuke Tanaka","Shinzo Abe","Tazia Smith"],"document_type":"correspondence","key_locations":["New York, NY"],"document_subtype":"memo","key_organizations":["Deutsche Bank Securities Inc","Deutsche Asset & Wealth Management"],"reference_numbers":["DB-SDNY-0123137","SDNY_GM_00269321","EFTA01461230"]}