Traders are piling into fresh bets against the yen, showing a willingness to test how much further Japanese authorities will allow it to fall before intervening again in the currency market.

The yen staged its biggest one-day drop since April on Tuesday, sending it to a new year-to-date low. The slide came after the Bank of Japan’s underwhelming tweak to its cap on bond yields suggested any move away from ultra-loose monetary policy would be slow and gradual.