• 2-month FX option expiry just moved to April 28 and captures BoJ

• First policy meeting with new gov Kazuo Ueda at the helm

• Implied volatility gauges actual volatility risk when setting premium

• 2-month expiry implied volatility jumped 11.3 to 12.5 and settles 12.3

• That's a huge additional $100,000 premium for ATM straddle on $30million

• Shows market still very wary about policy tightening at the April meeting

  
  

  
  

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