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Asset Managers Turn Bullish on Yen as Fed, BOJ Path May Reverse
Asset managers turned bullish on the yen from bearish for the first time since May on the growing view that the Bank of Japan will probably end its ultra-easy policy in 2024 while its major peers cut interest rates. The latest Commodity Futures Trading Commission data for the week through Dec. 19 also showed a slight reduction in still-bearish bets toward the yen by hedge funds. The yen this month reached its strongest level since the end of July against the dollar as the Federal Reserve signaled a pivot to rate cuts next year while speculation lingers its Japanese counterpart is prepared to end the world’s last ... (full story)