EM CEEMEA CREDIT: Al Rayan Bank (MAARLA): FY25

Japanese finance minister Katayama ups the ante on language used toward the JPY, stating that they have a "free hand" to take bold action, and see speculative moves in currency markets, not based on fundamentals. 

• That "bold action" line is rarely used - and signals a step-up in language used to describe their stance on the currency - last time that was used was by Suzuki in March 2024: "*JAPAN'S SUZUKI: WILL TAKE BOLD ACTION ON FX IF NEEDED" - bbg
• This was followed around a month later with Yen buying on April 29th 2024.
• USDJPY dips to new daily lows - but only briefly. Price slips to 156.88 before stabilising and bouncing toward pre-headline levels. 

• +50,000 TYH6 113 calls, 36 ref 112-12.5, acct has been buying large clips 50k at a time in the 113.5 calls

RXG6 126.50/125.50 1x1.5 put spread paper paid 16.5 on 3K.