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Hedge funds sold yen just before election catapulted Japan risk
The Straits Times
|October 29, 2024
TOKYO - Hedge funds turned bearish on the yen in the week before Japan's ruling Liberal Democratic Party failed to gain a majority at a general election, threatening to amplify losses in the currency.
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Speculative investors switched to a net short position on the yen for the first time in October, Commodity Futures Trading Commission data for the week ended Oct 22 showed.
The data came before the Oct 27 election results, which will now require Prime Minister Shigeru Ishiba to find a route to a stable government - even as the outcome raises questions about his own future.
The yen hit a three-month low after markets opened on Oct 28, sliding more than 1 per cent against the US dollar.
Dit verhaal komt uit de October 29, 2024-editie van The Straits Times.
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