Yen Volatility Surges to Highest Since 2008 Before BOJ: ChartBy
Friday’s Bank of Japan policy decision is the most anticipated since Haruhiko Kuroda’s first as governor in April 2013 -- and currency markets are showing the strain as the yen surged as much as 1.8 percent early in the day before erasing much of the move. Expectations for overnight dollar-yen volatility closed Thursday above 50 percent, something even the Brexit referendum didn’t see. It doesn’t help that forecasters were all caught out by the strength of the yen’s gains this year, and year-end estimates compiled by Bloomberg show an almost even split between bulls and bears.
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