Yen 1-Year Risk Reversals Widen to 54 bps, Highest Since February

The signal here is about horizon, not direction: options pricing is putting more value on yen strength a year out even as near-term spot moves fail to shift that view. That divergence suggests positioning is being driven by structural expectations rather than reactive trading, which matters for anyone hedging or pricing yen exposure across tenors. Whether the one-year skew keeps widening while spot stays choppy is the open question.