Global portfolio managers have turned the most bearish on the yen in about four years, according to a Bank of America survey. Among the traders surveyed, 40% said they were bearish on the yen, citing risks surrounding fiscal policy and Bank of Japan policy, up from 35% in June. Meanwhile, only 10% said they were bullish on the yen due to narrowing interest rate differentials, down from 12% in June. The BofA team noted that comments by Finance Minister Satsuki Katayama suggest the yen and Japanese government bonds have reached levels that warrant caution. The survey was conducted from July 2 to July 9 among 49 fund managers in the United States, the United Kingdom, Europe, and Asia, whose combined assets under management total 668 billion dollars.