a Pacific: Own NKY calendar call going into the uncertainty Sep BOJ • Trade update: Closing the NKY Aug/Sep put calendar trade opened on 25-Jul • NKY & USDJPY IMth vols are down to YTD low: Pricing in a slow summer • USDJPY 2M-1M term structure at its steepest & NKY's in its 98th %-ile since 2011