The yen strengthened in early trading, and Arbitrage trading faces significant risks.

Jinshi data news on November 4th, due to the high implied volatility, the yen strengthened against the other 10 major currencies and Asian currencies in early trading. Alvin T. Tan of Royal Bank of Canada's Capital Market said, "The implied volatility of various markets is high. The panic index VIX closed above 21 on Friday, while the one-month implied volatility of EUR/USD is above 8, and USD/JPY is above 13. He pointed out that due to the sharp fluctuations in the market, arbitrage trading is often easily affected by significant risks. Arbitrage trading refers to investors borrowing low-yielding currencies such as the yen and investing in high-yielding currencies."

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