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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Weaker Yen Prompts FX Hedge Funds Back into Betting on Bank of Japan

Jul 21, 2013
Joey Peters

As first reported by Reuters, the recent wavering of yen over the past two months has FX hedge funds once again believing the Bank of Japan’s attempt to weaken the national currency over time will succeed as the U.S. dollar inches upward on Federal Reserve stimulus withdrawal.

First alluded to in May, the Fed may start a retraction from its current $85 billion per month program – prompting a rebound in safe haven yen as investors exited emerging markets and commodity currencies, the article stated.

Despite data-backed reservations, The Fed's more recent indications that it will stick with its stimulus until later this year have eased some of the market's qualms, however, and some hedge funds are tiptoeing back into bets against the yen.

The yen's long slide was fuelled by expectations for an aggressive loosening of Japanese monetary policy under a new prime minister determined to drag the economy out of decades of stagnation, making short positions on the yen combined with long positions on Tokyo stocks an easy bet, the article stated.

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