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Put options or bearish bets on USD/JPY are currently drawing record premiums. 

One-mont risk reversals, a gauge of calls to puts, is hovering at a lifetime low of -5. The gauge stood at -.65 on Feb. 20. 

The slide represents an increase in demand or the implied volatility premium for put options. A negative number indicates the demand for puts is higher than that for calls. 

The USD/JPY pair is currently trading at 102.50, having hit a low of 101.54 a few minutes before press time. That was the lowest level since November 2016. 

Risk reversals