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Intervention Chatter Charges Yen Bets to Near-Records
Options traders are betting on further declines in the yen and potential intervention by Japanese officials, with open interest for near-date CME yen contracts hitting a 17-year high. The rise in open interest as of Tuesday’s close eclipsed levels seen prior to interventions by Japanese officials in June 2022. “Some of the recent rapid moves are in line with fundamentals, but some are clearly speculative,” Masato Kanda, vice finance minister for international affairs and Japan’s top currency chief said after higher-than-expected US inflation data led to a 1% fall in the yen. Kanda said Japanese authorities ... (full story)