Yen Beating G-10 Peers Has Asset Managers Betting on More Gains
- Real-money funds’ net long yen positions at highest since 2012
- Election year may see U.S. rift with China widen, boosting yen
Photographer: Tomohiro Ohsumi/Bloomberg
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The yen’s advance versus the dollar this year has more legs, if positioning by asset managers is any guide.
While Japan’s currency hasn’t really delivered a blowout rally, it has risen every month in 2020, with its 1.5% increase making it the sole gainer among Group-of-10 exchange rates. And the slow yet steady performance seems to have emboldened real-money funds to raise their bullish bets.