Day Traders in Japan Bet the World Is Wrong About a Weak Yen
- Bullish day trader yen bets climb to record on aggregate level
- Yen has slumped to six-year low against the dollar this month
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Japan’s day traders are making record bullish bets on their home currency, just as the world turns against it.
As the yen slumped to a six-year low against the dollar last week, retail investor net-long aggregate positions in the currency climbed to 258 billion yen ($2.1 billion) -- an all-time high -- according to a Bloomberg analysis of Tokyo Financial Exchange Inc. data going back to 2006. A bulk of the yen positions versus 14 peers were against the dollar and the euro, while investors are bullish the Mexican peso, South African rand and Turkish lira.