Recently, the no-confidence vote in france has intensified market turmoil, prompting currency options traders to actively short the euro against the yen, leading to a surge in trading volume for this currency pair and an increase in implied volatility to its highest level since August. According to data from the usa’s depository trust and clearing corporation, since early November, there have been two trading days where the trading volume of euro against yen options exceeded 3 billion dollars, both occurring last week. Specifically, Graham Smallshaw, a senior forex spot trader at nomura singapore limited, pointed out that in recent days, short positions in euro against yen have replaced those in dollar against yen as the mainstream in the market, especially in the macro hedging field. In the options market, cheaper downside structures such as put butterfly options or double-digit options are favored over direct put options. Macro hedge funds profit from market volatility triggered by political or economic events, predicting that the yen will further appreciate due to the possibility of the japanese central bank raising interest rates. The hawkish remarks from the governor of the japanese central bank, kazuo ueda, have increased the yen's appeal, while weak regional economic data has made the euro a target for investors to sell off. The no-confidence vote in france could overthrow the government, further exacerbating the pressure to sell off the euro.