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JPY shorts remain stable, surprisingly – Nomura

Research Analysts at Nomura Global Markets Research, see the stability in positioning for JPY as surprising in lieu of the recent easing and increase in equity allocation by GPIF.

Key Quotes

“For the week ended November 4, net shorts in JPY increased by only $0.1bn, with positioning in JPY moving to -$7.9bn from -$7.8bn. Since the Tuesday to Tuesday period included the increased BOJ QE and GPIF allocation adjustment, as well as significant JPY depreciation, the lack of change in positioning is surprising. Our real time indicator suggests shorts did increase by $0.9bn since Tuesday, to -$8.8bn, however.”

“USD longs increased by $1.4bn to $49.4bn, setting a new record for USD longs. Our real time indicator suggests that there was significant USD buying since Tuesday as well, bringing net longs up a further $4.0bn to $53.4bn.”

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