Attachments: image001.png; image002.png; image003.png; image004.jpg; image005.jpg; image006.jpg; image007.jpg;
image008.png; image009.jpg; image010.jpg; image011.jpg; image012.gif; Nikkei to 20000.pdf; Japan - Ready for
ignition.pdf; Japan Macro Watch.pdf
Importance: High
Buy DXJ Jan 50/52 Call Spread for $0.35, ref 47.45, 13d. 4.7X net payout
We can also discuss single stock and Topix banks index (TPNBNK) ideas
The Republican sweep means higher USD and yields are a foregone conclusion. We see USDJPY reaching 120 next year
and Japanese reflation, bullish for Japanese equities, particularly the banks.
Source: House Oversight Committee release, November 2025