The rally in Japanese stocks toward record highs comes as asset managers increased bearish positions on the yen to the most in more than a year, suggesting investors remain cautious about currency risks. The correlation coefficient between the yen positions and the Topix 100 stood at minus 0.56 as of Feb. 13, the most since 2020, based on Bloomberg analysis of data from the Commodity Futures Trading Commission. This indicates currency positioning among asset managers has tended to shift in a bearish direction when the nation’s large market-cap stocks have risen. It may point to international investors buying Japanese ... (full story)