YEN is mixed

1-month ATM USD/JPY implied volatilities down slightly at 12.60%/13.30% vs 12.65%/13.35% as rise in spot market prompts some players to sell USD downside hedges. One player sold 1-week USD-put/JPY-call contract with Y89.30 strike price, face amount of $50 million, says options trader at major Tokyo bank. Says "the dollar-yen's outlook is mixed. So even if implied volatilities fall on spot gains, the pace of decline is likely to be moderate" as players may scoop up options on dips.