“Personnel changes at the Ministry of Finance do not fundamentally change the positive supply/demand dynamics of the yen,” Adam Cole, London-based global head of currency strategy at RBC Capital Markets, wrote in a note to clients, referring to the recent resignation of Japanese Finance Minister Hirohisa Fujii. Japanese politics have diverted attention from events that would strengthen the yen, he said.
Misdirection, or fading the spin, is a common trading tactic. A reversal in Yen money flows revealed a change weeks ago. A rising Yen despite chatter suggests that the spin has been faded once again.
Yen and the Commercial Traders COT Futures and Options Stochastic Weighted Average of Net Long As A % of Open Interest:
Yen and the Nonreportable Traders COT Futures and Options Stochastic Weighted Average of Net Long As A % of Open Interest:
Source: bloomberg.com
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