For years, traders have suspected that the Japanese financial authorities would leak upcoming policy changes to favored institutions. Dealers are wondering if some have gotten the nod today as Japanese investors have been said to have been good buyers of USD/JPY today as well as buyers of upside strikes in USD/JPY (good interest in 1-month 98.00 calls was rumored).

Dealers also surmise there may be a double-no-touch strategy in play in which the owner of the option wants to see the price hold between those strikes while the seller of the option wants to see that range broken.