Vishnu Varathan was on the seventh floor of his office in Singapore’s Asia Square on Thursday when the phones started ringing. The yen was surging and clients wanted to know what was coming next, quickly. “Price action was very fast,” said Varathan, head of economics and strategy at Mizuho Bank Ltd. “It created a huge dollar-yen squeeze that became contagious through the crosses. No doubt there’ll be more volatility to come.” The foundations for the yen’s biggest surge in nearly a year were laid in Asia after Bank of Japan Governor Kazuo Ueda and one of his deputies made comments that traders took as hints of a ... (full story)