MORGAN STANLEY raises PT on Broadcom (AVGO.O) to $502 from $485.

Options dealers are increasing hedges for large JPY moves over the next two weeks ahead of the Bank of Japan meeting and potential FX intervention. Two-week USD/JPY butterfly spreads have risen to their highest since October 2022, signaling elevated market concern about volatility. Despite record-scale FX support spending from April 28 to May 27, the yen remains under pressure, fuelling speculation of further intervention. Investors will watch the BOJ's June 15-16 meeting for policy direction as the wide US-Japan interest-rate gap continues to weigh on the yen; Moh Siong Sim, FX strategist at OCBC, says intervention risk is the primary market focus as USD/JPY tests the 160 level.

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