Traders cut their bets on yen appreciation. Options indicators show that expectations for yen appreciation have reached their lowest level in a month. Earlier, Bank of Japan Governor Ueda Kazuo's dovish statement opened up the possibility that the next rate hike would take longer, driving the yen down in the spot market.
The 1-month USD/JPY risk reversal was reported at 1.05% on Thursday. Demand for put options surpassed bullishness. The last time it reached this level was on November 18.
Compared to Wednesday, this shows that the market's bullish sentiment towards the yen has weakened; on Wednesday, 1.39% was reported, and demand for put options outpaced bullishness.

Bet on a bearish decline in USD/JPY over the next monthOption pricesThe price of a call option is still higher than the price of a call option, although the premium of a put option over a call option shrunk sharply on Thursday.
The yen fell to its weakest level since July on Thursday.