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The USD/JPY one month 25 delta risk reversals (JPY1MRR) fell to -1.5 on Wednesday - the lowest level since March 23 vs -0.65 on April 18.
The decline from -0.65 to -1.5 represents rising implied volatility premium or rising demand for JPY calls and indicates the investors are likely expecting a deeper drop in the USD/JPY pair.
As of writing, the USD/JPY pair is trading at 108.60, having hit a low of 108.11 yesterday.
JPY1MRR