JPY: Still plenty of long-Yen exposure still to be unwound

Before you start getting bearish USD/JPY and trying to pick tops in USD/JPY (like me 🙁 ) it’s advisable to note that there is still a lot of very large long-Yen exposure in the equity market in particular. Many of these managers are waiting until after the Obama-Abe meeting in 2 weeks time before deciding on their next move.