Volatilities implied by one-month, at-the-money USD/JPY options are steady at 8.11%/8.41% vs Monday's 8.04%/8.46%. "Trading is slow," says an options dealer at a foreign brokerage in Tokyo. The market's focus is on the ECB's rate decision this Thursday, where many expect the central bank to cut its interest rates by 25 bps. U.S. non-farm payrolls data due Friday will also be closely watched. One market participant traded a dollar-call yen-put option with an expiry of Sept. 28 with an implied volatility of 10.25% and strike price of 85.50, he says. The notional value was unknown. The USD/JPY is at 79.62.
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