Speculators turn net long on yen for first time since end of February, yen gains over 7 against dollar in a week
Digital FinanceMacro
Speculative positioning flipped to a net long in the yen for the first time since the end of February. According to the Commitments of Traders report published by the U.S. Commodity Futures Trading Commission, in the IMM currency futures non-commercial category as of the 8th, the yen showed a net long of 10,796 contracts, reversing from a net short of 92,227 contracts the previous week. It is the first net long since the data for February 24. Long yen positions rose more than 50% from 117,169 contracts to 178,791 contracts, the most since early December 2025, while short positions fell just under 20% from 209,396 contracts to 167,995 contracts. On the 8th the dollar fell into the 152-yen range, extending a yen rally of more than 7 yen from the start of the month, when it was trading above 160. Market participants point to speculation of a faster pace of Bank of Japan rate hikes and the intent of Japanese and U.S. authorities to correct yen weakness as the backdrop.
