The bias in demand for options that gain if the yen strengthens over those that profit if it declines versus the U.S. dollar is approaching its highest since July 2010. The risk-reversal rate for three-month options reached negative 2.25 percentage points Monday, a level last touched in February, with a negative figure meaning demand is skewed toward contracts that hedge yen gains. The gauge’s 2010 extreme came a few months before Japan intervened in the currency market for the first time since 2004 to weaken its coinage after it surged to a 15-year high amid Europe’s sovereign-debt crisis.

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