Vol drops as BoJ intervention proves successful

One-month options prices fell from highs of 12.38 on Tuesday to 10.75 by Friday, as the yen traded between 85.23 and 85.77 versus the dollar. On Wednesday, the BoJ broke a six-year hiatus from entering the currency markets, selling between ¥1.76 and ¥1.86 trillion into the market as the yen breached ¥83 – a 15-year low versus the US dollar. The move caused a sharp intraday drop of 2%, leaving some traders caught out, say market participants.

Some expected the intervention to take place after the

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