Japanese margin traders cut back positions amid unwind
TOKYO – Japanese margin traders cut 48% of their long USD/JPY positions on November 27, to reach $5.6 billion, as they unwound carry positions, according to JP Morgan research.
Risk aversion followed Dubai World’s proposal to delay repayments of $59 billion in debt. Carry trade indexes suffered weekly losses as the yen rallied, crossing the 85 barrier to reach ¥84.82 intraday on November 27, a 5% rise in five days (FX Week, November 30). Société Générale's G-10 and emerging market indexes both
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