Hedge Funds Burned by Yen Shorts as SVB Fear Lifts Haven Demand

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Hedge funds held the biggest yen-bearish positions in six months last week, a painful trade as the collapse of Silicon Valley Bank suddenly boosted demand for Japan’s currency as a haven.  

Leveraged funds increased short positions on the yen to the most since September in the week through March 7, Commodity Futures Trading Commission data show. The Japanese currency rebounded from an almost three-month low reached on March 8, strengthening 3.5% in a little more than a week, as investors slashed bets on further Federal Reserve interest-rate hikes and concern about the health of the banking sector encouraged investors to hold safer assets. 

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