I'm Long Yen Calls, and I Love That Trade

When you have very large drawdowns on us. Equities or global equity markets, the yen appreciates. It's happened every time. When you have more than ten 20 % moves, the yen goes up. So, yes, i'm long yen calls. I also think that yen is a cheap currency. If there were a big problem in the world, dollyen would drop ten figures. And again, option volatilities are just way too cheap.