Hedge funds shelved yen basis bet on US deal
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Funds exited USD/JPY flatteners tied to Japan’s $550bn pledge and new funding may not revive the trade
Hedge funds that had bet on a flatter US dollar/yen cross-currency swap basis curve on the back of Japan’s $550 billion investment pledge to the US largely closed out their positions at a loss. But while a new tranche was announced this week after several months of silence, it might not prove a trigger to re-enter the trade.
The bet relied on Japanese megabanks having to source large volumes of
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