Dealers shun yen barriers after joint US-Japan action
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Market-makers retreat from exotic structures amid intervention risk, with funds in wait-and-see mode
Hedge funds and foreign exchange options dealers are on high alert for a further round of intervention in the Japanese yen, leading market-makers to hold back from writing exotic structures and funds to run light risk amid the uncertainty.
Co-ordinated US-Japan action to support the currency drove vanilla US dollar/yen options volumes up nearly two-and-a-half times, from $18.3 billion on July 29
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