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2026-09-16 15:50:11
[Japanese retail investors persist in shorting the yen: holding more than half of global positions; if the yen continues to rise, closing out these positions could accelerate appreciation] (1) According to foreign media reports, Japanese retail investors are betting that the recent yen rally is unlikely to continue and are continuing to hold substantial short positions in the yen, which could further exacerbate volatility in the foreign exchange market. (2) Rinto Maruyama, a strategist at SMBC Nikko Securities, estimates that as of the end of August, Japanese retail investors held 2.886 trillion yen (US$18.58 billion) in short positions in the yen, accounting for more than half of the global total of 4.1 trillion yen. (3) If the yen rises further, these positions must be closed out, which could become an accelerator for the continued appreciation of the yen. (4) Japanese retail investors are often referred to as "Mrs. Watanabe" and are important participants in so-called "carry trades".
