The5ersFutures
Will surging yen futures unravel global carry trades?
BOJ policy rate is 1.00%. Markets price +25bp on Sept 17-18. Takata wants nimble hikes.
CFTC specs flipped from -92,200 yen contracts to +10,800 in one week. First net long since February.
USD/JPY fell from ~164 in July to ~154 now. US and Japan bought yen together in late July, first joint support since 1998. More intervention if markets disorder.
Brent stays above $100. Carry funding in JPY is no longer free.
$FXY $UUP $EWJ $SPY $USDJPY #Yen #CarryTrade #BOJ #Forex
