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Expectations management at the BoJ
Here’s a trend for ya: What that chart from HSBC shows is serial disappointment in dollar-yen. One has to presume that wonder if the coming big reveal by the Bank of Japan will might continue the theme. Not everyone thinks so. From Bank of Tokyo Mistubishi’s Lee Hardman: The latest weekly IMM positioning report confirmed that speculators have been aggressive sellers of the yen over the past week with net short yen positions increasing from 7,527 contracts to 52,306 contracts, reaching the highest level since mid-May. The price action is reminiscent to that from the sharp yen sell off which occurred in February ... (full story)