Volatilities implied by one-month at-the-money USD/JPY options are at 8.85%/9.35%, lower than 8.90%/9.40% in New York Wednesday. Traders say spot will remain somewhat quiet as both the USD and JPY are being sought against the EUR, which is weak due to eurozone concerns. For this reason, the USD/JPY will remain in a narrow range, and volatilities are likely to keep falling for now, says a dealer at a major Japanese bank.
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