Bloomberg – Japanese Prime Minister Naoto Kan’s aim for a weaker yen to boost exports is running into resistance from traders who are the most bullish on the currency all year.
Bets by hedge funds and other large speculators on an advance in the yen reached the most in seven months. Goldman Sachs Group Inc. and Standard Chartered Plc are among banks that have reversed bearish forecasts on the yen. Strategists that a year ago forecast Japan’s currency would fall versus the euro are backing away from those calls, raising their predictions for the yen against the single currency by more than any other estimate on a currency pair, Bloomberg data show.
