• USD/JPY threatens Oct 2022 and 30-year high at 151.94

• Intervention would now appear less of a concern at current levels

• Recent official comments were more concerned with FX volatility

• Citibanks FX strategy are looking for intervention closer to 155.00

• Option barriers expected at 152.00 and bigger at 153.00

• Break above barriers could increase short gamma and s/term FX volatility

• FX option implied volatility and its downside strike premiums are low

• That's consistent with risk appetite and lack of FX realised volatility

• Also suggests risk of increased FX volatility/spot drop remain low for now

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