Volatilities implied by one-month at-the-money USD/JPY options are up at 8.70%/9.20%, from 8.75%/9.05% in New York Thursday, as investors buy to hedge for any after-elections USD/JPY gains on Monday, says a senior options dealer at a major bank in Tokyo. Japan will hold national elections on Sunday, and LDP leader Abe is likely to win the race, which is expected to provide more pressure on the BOJ to ease. The pair is last at 83.72.
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