12.03.2021
With YIELDS moving LEFT we are witnessing an unwind of a big trade that has been piled on to for months: SHORT JPY.
We feel we are at the onset of this move. The USD is not reacting as it should and that is due to the rates market.
Our LONG JPY exposure remains intact. We are cutting LONG USD positions here and will reassess those next week.
The BIG STORY: JPY.