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One-month risk reversals on USD/JPY, a gauge of calls to puts, has jumped to -0.613, the highest level since May 2017, having bottomed at -1.05 on Jan.4.

The data provided by Reuters indicates a weakening of demand for USD/JPY puts or bearish bets.

The currency pair is trading at 104.15 at press time, the highest level since Dec. 15. The pair bottomed out at 102.59 on Jan. 6.