Japan govt set to appoint academic Ueda as next BOJ governor nL1N34Q0GR

USD/JPY drops 131.90 to 129.80 EBS

Huge leap in JPY related implied volatility flags extent of risk premium

1-month expiry USD/JPY implied vol jumps almost 2.5 to 14.5 nL1N34Q0I4

The extent of the reaction suggests more than a tweak to YCC is coming

If not then USD/JPY will rebound as current policy extremely yen negative

Bond buys are far greater than record USD/JPY intervention