Currencies
Hedge Funds Bought Yen Right Before Biggest Drop in 15 Years
- Leveraged funds most bullish on yen since early 2021: CFTC
- Yen heading toward 150 per dollar level after strong US jobs
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Hedge funds turned bullish on the yen just before dovish comments by Japan’s new prime minister and a robust US jobs report helped spark the worst week for Japan’s currency since late 2009.
Speculative investors flipped to a net long position on the yen for the first time since mid-August, Commodity Futures Trading Commission data for the week to Oct. 1 showed. The buying came right before Prime Minister Shigeru Ishiba said the nation wasn’t ready for further interest rate hikes.