Following reports that the Bank of Japan has conducted an exchange rate mapping, traders' bullish sentiment about the yen over the next week increased slightly. However, compared to when Tokyo interfered in the foreign exchange market at the end of July and when US Treasury Secretary Bezent publicly pressured the Bank of Japan to raise interest rates in early September, the current expectations for the yen to appreciate are much more moderate. The USD/JPY 1-cycle risk reversal indicator fell further into a negative range for the second time in three days. The indicator was -2.17% on Friday, -2.02% on Thursday, and -1.98% a week ago. Put options are relatively more popular. Traders have generally been bullish on the yen over the past few months, and the price of put options betting that the USD/JPY will fall in the coming week is higher than the price of a call option betting that the pair will rise. However, the market's expectations for yen appreciation in the coming week are far more moderate than the extreme levels in early September and the end of July to the beginning of August.

Following reports that the Bank of Japan has conducted an exchange rate mapping, traders' bullish sentiment about the yen over the next week increased slightly. However, compared to when Tokyo interfered in the foreign exchange market at the end of July and when US Treasury Secretary Bezent publicly pressured the Bank of Japan to raise interest rates in early September, the current expectations for the yen to appreciate are much more moderate. The USD/JPY 1-cycle risk reversal indicator fell further into a negative range for the second time in three days. The indicator was -2.17% on Friday, -2.02% on Thursday, and -1.98% a week ago. Put options are relatively more popular. Traders have generally been bullish on the yen over the past few months, and the price of put options betting that the USD/JPY will fall in the coming week is higher than the price of a call option betting that the pair will rise. However, the market's expectations for yen appreciation in the coming week are far more moderate than the extreme levels in early September and the end of July to the beginning of August.