Yen rally leaves traders short

The Tokyo-based online trading company said account values declined on average 30% in July, 15% in August, 10% in September and 20% in October. Clients were particularly active in carry trades involving sterling, the US, New Zealand and Australian dollars, and the rand.

James Gow, Tokyo-based chief executive of FXOnline, told FX Week that although Asian retail investors have pulled back on pure yen carry trading, there is still a tendency to short the yen, chiefly for euro and sterling.

"As long

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