Futures Positioning Shows Yen's Decline May Continue

Deep News12-22 10:50

Yen traders show no signs of reducing bearish bets. Despite the Bank of Japan's rate hike and a 1.9% rise in USD/JPY, open interest in futures markets remains higher than early last week levels.

Even as USD/JPY hovers just a few points below November's peak, there is no indication investors are trimming yen short positions. Japan's verbal interventions have also yielded limited impact.

The yen failed to gain support even when 2-year Japanese government bond yields hit their highest level since 1997. Part of the reason lies in the challenging policy path ahead for the BOJ as it attempts another rate hike next year.

The standoff continues - will currency traders push USD/JPY toward 160 first, or will Japan's Ministry of Finance intervene to support the yen before then?

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