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Shinzo Abe Benedicte Gravrand, Opalesque Geneva:
When Japan’s new Prime Minister Shinzo Abe came into office again (after a stint in 2006-7), he announced his plan to weaken the currency and boost the country’s economy.
Mr Abe told a news conference in Tokyo in December: "With the strength of my entire cabinet, I will implement bold monetary policy, flexible fiscal policy and a growth strategy that encourages private investment, and with these three policy pillars, achieve results."
This was a call the markets heard.
The latest Bank of America Merrill Lynch Hedge Fund Monitor reportedly said that hedge funds are still busy shorting the yen, the Japanese currency.
Hedge funds cash in
Indeed, according to several media reports today in yesterday, some of the biggest U.S. hedge-fund investors have made billions betting against the yen.
"It’s a bit of a no-brainer," Glenn Uniacke, head of options at the forex specialist Moneycorp told Opalesque. "When Abe came in, he did the markets a massive favour by telegraphing what he was going to do. From the currency point of view, it’s one of the trades of the decade. Looking back, I don’t think it was a massive surprise."
In the last three months, George Soros, who mad...................... To view our full article Click here
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