Yen Bears See Vindication in New BOJ Under Abe Watch: Currencies
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For long-suffering bears on the yen, redemption is looking more likely if options are any guide.
After appreciating more than 60 percent between July 2007 and June of this year, the yen has tumbled almost 10 percent against a basket of developed-market currencies, including a drop of 2.2 percent last week, data compiled by Bloomberg show. Option traders are paying record premiums to protect against further depreciation as Prime Minister Yoshihiko Noda calls for elections next month. The yen slid to the lowest in almost seven months today.