⚠️💱Yen Implieds Look Cheap In 1M Tenor: Cable FX Macro

• USD/JPY 1m implied volatility screens cheap when compared to its respective historical vol measure.1m realized USD/JPY ticks at 8.46, the negative spread compares to the 1y average of 0.75

• While the negative spread is marginal, it extends into the 3m tenor which covers both BoJ and Fed monetary policy decisions