{"id":38888,"date":"2026-07-09T04:12:52","date_gmt":"2026-07-09T04:12:52","guid":{"rendered":"https:\/\/www.duck9.com\/blog\/?p=38888"},"modified":"2026-07-09T00:13:17","modified_gmt":"2026-07-09T04:13:17","slug":"yen-carry-squeeze-me-sideways","status":"publish","type":"post","link":"https:\/\/www.duck9.com\/blog\/yen-carry-squeeze-me-sideways\/","title":{"rendered":"Yen Carry Squeeze Me Sideways"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"ltr\"><a href=\"https:\/\/x.com\/barchart\/status\/2074924778855530567?s=43\">https:\/\/x.com\/barchart\/status\/2074924778855530567?s=43<\/a><\/div>\n<p><br id=\"lineBreakAtBeginningOfSignature\"><\/p>\n<div dir=\"ltr\">\n<div>\n<p style=\"margin: 0px 0px 8px 24.2px;text-indent: -16.3px;font-style: normal;line-height: normal;font-family: system-ui\">\u2022. 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.<img decoding=\"async\" alt=\"image0.jpeg\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2026\/07\/image0.jpeg\"><img decoding=\"async\" alt=\"image1.jpeg\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2026\/07\/image1.jpeg\"><img decoding=\"async\" alt=\"image2.jpeg\" src=\"https:\/\/www.duck9.com\/wp-content\/uploads\/2026\/07\/image2.jpeg\"><\/p>\n<p style=\"margin: 0px 0px 8px 24.2px;text-indent: -16.3px;font-style: normal;line-height: normal;font-family: system-ui\">\u2022&nbsp; 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.<\/p>\n<p style=\"margin: 0px 0px 8px 24.2px;text-indent: -16.3px;font-style: normal;line-height: normal;font-family: system-ui\">\u2022&nbsp; 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. \u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>https:\/\/x.com\/barchart\/status\/2074924778855530567?s=43 \u2022. 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. \u2022&nbsp; The accompanying chart shows CME Japanese yen futures net positions plunging to extreme negative levels near -150K contracts by June 2026, marking peak [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-38888","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/38888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/comments?post=38888"}],"version-history":[{"count":0,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/posts\/38888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media\/38889"}],"wp:attachment":[{"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/media?parent=38888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/categories?post=38888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.duck9.com\/blog\/wp-json\/wp\/v2\/tags?post=38888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}