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Hedge Funds Increase Bets Against the Yen to Highest Level Since 2007
The Japanese yen has declined significantly, approaching its lowest level in nearly four decades against the US dollar. Investors have maximized their bets on the yen's decline to around 138,000 contracts, after its exchange rate broke below 162 yen per dollar— a level not seen since 1986— despite the Bank of Japan's decision to raise interest rates. The pressure on the yen is mainly due to the large interest rate gap between Japan and the United States, which encourages "return trading" strategies involving selling yen and investing in dollars.
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