• FX option traders appear to be targeting appointment of new BoJ Gov

• Appointment expected to be Feb. 10, but could be earlier

• There's been keen interest to own options just after this date

• Shows expectations of related volatility to which options would benefit

• Option price action has been targeting lower USD/JPY levels over time

• March BoJ meeting initial catalyst, but more focus on April with new BoJ Gov

• Heightened expectations YCC adjustment/scrapping is coming - JPY positive

• JPY call RKO is cheap option strategy to benefit from eventual USD/JPY drop

  
  

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