Yen Stabilizes After Intervention

USD/JPY remains below pre-intervention levels Japanese retail traders had a record short position in USD/JPY before the intervention. The position was partially offset by official yen purchases during the decline. The implied short USD/JPY position was USD 17.65b

USD/JPY remains below pre-intervention levels

Japanese retail traders had a record short position in USD/JPY before the intervention.

The position was partially offset by official yen purchases during the decline.

The implied short USD/JPY position was USD 17.65bn, an extreme and record position.

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