Demand for protection against a rise in the yen has reached levels not seen since March, USD/JPY 1w RR now favour puts by 4.06 vols
USD/JPY downside protection jumps as we head into the BoJ July monetary policy meeting, the central bank is expected to leave policy unchanged on Thursday
1w risk reversals have not been this high since Kuroda's last meeting in March, when markets prepared for a potential surprise from the former governor
O/N vols now tick at 17.10%, this is above the 1-year average of 15.75%
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