Japanese retail investors are betting on a further rally in the yen even as it retraces some of the gains made in the past two weeks.
Net yen long positions held by individual traders against 14 foreign currencies via futures stood at ¥431 billion ($2.9 billion) as of Monday, up 22% since the Bank of Japan’s rate hike late last month, according to Tokyo Financial Exchange Inc. data compiled by Bloomberg. That puts them close to the record ¥501 billion reached in April.
