• The huge pre BoJ option premiums for USD/JPY downside protection now unwound

• Benchmark 1-month risk reversal premium for JPY call vs put options hit hard

• Down from 2.0 to mid June/2023 lows 0.5. Big sales of outright JPY calls too

• There's also a resurgence for JPY put/USD call options - especially 145

• Shows a strong view that USD/JPY could regain recent/l-term highs above 145

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