Hedge funds cut BoJ bets after torrid year in yen rates
Dealers see lighter positioning after shock October election saw more than $300m of losses, compounding April’s pain
Hedge funds have taken risk off the table in yen interest rates trading after having seen bets on Bank of Japan (BoJ) policy go badly wrong for a second time this year – with the surprise election of a new Japanese leader in October causing an estimated $300 million of losses across the Street.
Traders were caught wrong-footed when Sanae Takaichi – known for her dovish monetary policy views – became the surprise winner of the election to head Japan’s ruling Liberal Democratic Party (LDP) in
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