Carry trades back in Japan
TOKYO - Japanese margin retail foreign exchange traders are re-building carry positions, after profit-taking led to a massive reduction in positions at the end of July.
Traders have again been amassing long dollar positions against the yen, which reached around $400 million at the end of August, a reversal of the -$1 billion short dollar positions accumulated at the end of July, according to JP Morgan analysts (FX Week, August 3). Traders have also rebuilt their long Aussie positions to A$10.3
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