On the JPY heading into the BoJ rate decision...>

YEN: On the JPY heading into the BoJ rate decision on Monday, Citi write that

they like accumulating November USD/JPY options with a view that a September or

October move by the BoJ is far more likely, contingent on USDJPY being above 110

or so.

-Their FX strategy team add that while the market consensus remains moderate,

they believe the risk of the Bank to announce policy adjustments next week or

indicate the actions at the September meeting is higher than generally thought.

-Citi's non-consensus view is that we do not think BoJ action will simply lead

to JPY strength, we're even expecting it could weaken JPY against USD as

investors digest Kuroda's messaging. Therefore, Citi like buying USDJPY into the

meeting.