Japan traders dump short yen positions
On October 8, yen holdings by Japanese retail traders fell to $24 billion from $40 billion on October 3, according to US bank JP Morgan. The yen, used as a funding currency in carry trades alongside the US dollar, has appreciated rapidly across the board, benefiting from the latest bout of risk aversion.
Since mid-July, the yen has appreciated by around 30% against the Australian dollar, 20% against the New Zealand dollar, 50% against the euro and sterling, and 2% against the US dollar. UBS's
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