•. Hedge funds have built their largest net short position in the Japanese yen since the period leading to the 2008 Global Financial Crisis, per CFTC data on leveraged funds.
• The accompanying chart shows CME Japanese yen futures net positions plunging to extreme negative levels near -150K contracts by June 2026, marking peak bearishness not seen in nearly two decades.
• This crowded yen short, often linked to carry trades, signals heightened risk of volatility or a disorderly unwind if the yen strengthens due to Bank of Japan policy shifts or narrowing yield spreads.
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