Yen traders have shown no tendency to reduce their bearish bets. Despite the Bank of Japan's interest rate hike and the USD/JPY increase of 1.9%, the volume of open positions in the futures market is still higher than at the beginning of last week. Although USD/JPY is only a few points away from the November high, there is no sign that investors are cutting short positions in the yen. Furthermore, several rounds of verbal intervention by the Japanese authorities had only limited effect.

Yen traders have shown no tendency to reduce their bearish bets. Despite the Bank of Japan's interest rate hike and the USD/JPY increase of 1.9%, the volume of open positions in the futures market is still higher than at the beginning of last week. Although USD/JPY is only a few points away from the November high, there is no sign that investors are cutting short positions in the yen. Furthermore, several rounds of verbal intervention by the Japanese authorities had only limited effect.