Real money buyers all over the JPY crosses
Thanks for all the emails outlining exactly who has been buying the Yen crosses in recent days, and it seems most of the blame can be laid at the feet of big asset managers. There has been universal Yen selling although I must admit I haven’t really seen any evidence of mass exodus out of JGBs by foreign entities (anyone help here?) and the Nikkei has been exploding higher so I’m presuming foreign managers are buying there as well? Does that mean that the market was long of Yen, or are these players all ‘panicking’ into short trades? I wish I knew the answer right now but I will find out.