Traders hoping to profit from large swings in the dollar-yen may be in for a rude awakening as the currency pair risks being trapped between rising intervention odds and US interest-rate bets. One-month implied volatility on the dollar-yen, a measure of its expected movement over the period, may fall to its lowest level since March 2022, strategists said. Fueling that decline is the pair’s narrowing daily trading range which is due to dueling forces capping moves both ways. “Dollar-yen appears to be caught between the Ministry of Finance threatening intervention on the topside, while the Bank of Japan talking down ... (full story)