Hedge Funds Start to Split on Long-Yen Trades Before Fed and BOJ

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Hedge Funds Start to Split on Long-Yen Trades Before Fed and BOJ
Bank Of JapanFederal ReserveMonetary Policy Decisions
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(Bloomberg) -- A divergence is emerging among leveraged funds on their positions in the yen ahead of the Federal Reserve and Bank of Japan meetings that will...

-- A divergence is emerging among leveraged funds on their positions in the yen ahead of the Federal Reserve and Bank of Japan meetings that will dictate the currency’s near-term trajectory.The yen’s dramatic start to the week, which saw it briefly surge beyond the closely watched 140-per-dollar, has triggered a rethink for investors.

The yen has gained more than 4% this month versus the dollar amid expectations the US central bank will start cutting interest rates this week. It was up 0.1% at 140.43 as of 11:26 a.m. in Tokyo. “The dollar and dollar spot index have been under pressure as the market pricing has gotten to quite extreme levels,” said Martin Whetton, Sydney-based head of financial markets strategy at Westpac Banking Corp. “The risk in the short term is the market gets some sort of disappointment, which may lead to position unwinds across various asset classes.

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