• There's a strong reverse correlation between USD/JPY and option implied vol

• USD/JPY implied volatility gains when USD/JPY falls and vice versa

• Correlation demonstrated Fri-Mon, before and after BoJ gov Ueda speech

• Benchmark 1-month up from 10.2 to 11.2 Friday-Monday and last sold 10.6

• Sub 1-month implied volatility should remain an FX directional bellwether

• Watch for the extent of 1-month implied volatility gains from Tuesday

• Expiry to include perceived FX risk for Dec Fed and BoJ policy decisions

• Volatility traders already targeting dates around those Dec 18-19 decisions

• Citi bank's take on potential JPY intervention nL1N3MP094

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