Hedge Funds Held Big Bet Against Yen in Days Before Its Surge
- Data through Dec. 5 shows shorts near highest since April 2022
- Yen’s biggest day this year followed speculations on rate hike
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Hedge funds held a large bet against the yen in the days before comments from Bank of Japan Governor Kazuo Ueda triggered the biggest jump in the Japanese currency in almost a year on speculation of a near-term shift in monetary policy.
Speculators remained near the most bearish on the yen since April 2022 in the week ending Dec. 5, according to data from the Commodity Futures Trading Commission released on Friday. Leveraged funds trimmed their net-short position to 64,841 contracts, down slightly from the previous week’s report of 65,611 contracts.