The imminent expiry of nearly $3 billion in dollar-yen options has traders on edge as the Japanese currency teeters on the brink of levels that might trigger government intervention. Japan’s top currency official, Masato Kanda, on Monday delivered his strongest intervention threat in months, with the yen hovering near a 34-year low — and around levels that triggered intervention in 2022. That’s worrying news for traders who have sold dollar-yen options related to the March 28 expiration at strike 150.5 of notional $2.85 billion, the currency pair’s largest expiration on Depository Trust & Clearing Corporation so far ... (full story)