Yen Traders See Options Expiry Explaining Surge from Year Low
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The yen jumped against the dollar in New York trading Monday after touching its weakest point this year, spurring speculation among analysts that it was partly the result of options positioning rather than Japanese authorities stepping into the market.
Japan’s currency touched a year-to-date low of 151.91 per dollar, then abruptly strengthened to the 151.21 level before reversing much of the gain. The net result is that the yen was little changed on the day, leaving it down some 13% this year, the worst performance of any Group-of-10 currency.