Hedge Fund Activity Remains Low Key; Despite Yen Rally
FUNDS
NEW YORK--A recent flurry of activity in the hedge fund market has provided a welcome relief for struggling FX desks in the last few weeks, but has masked what industry sources say is a clear trend in the FX market--that profits are suffering from a marked reduction in that sector this year.
Last month, following unexpected news that the Japanese economy grew by 1.9 per cent in the first three months of 1999, the yen bounced back so strongly that it provoked intervention by the Bank of Japan at
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