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Yen Options Down, Deals Sold After EU Summit
Yen options declined Monday in Asia as many investors sold hedging contracts against sharp moves in the currency after last week's much-anticipated meeting of European leaders produced no major surprises. "All I can see in the market today is selling interest," said a senior options dealer at a major bank in Tokyo. Since the meeting last week ended with no surprises from euro zone members, many investors sold short-term contracts they bought last week, he said. These deals include a three-month dollar-call contract with an Y80 strike price, $100 million face value and volatility of 9.75%; one-month ... (full story)