Hedge funds are unwinding bearish yen positions as expectations for further Bank of Japan tightening drive a sharp rally in the Japanese currency and put pressure on one of the market’s most established carry trades, according to a report by Bloomberg.
The yen gained more than 2% against the dollar on Thursday, taking it to a one-month high and close to levels last reached in May following Japanese authorities’ intervention in the currency market. It held most of those gains on Friday.
The move...
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