11 Oct 2013
Flash: USD/JPY longs at major five brokers largest since June - Nomura
FXstreet.com (Barcelona) - There have been some signs of recovery in JPY selling by Japanese retail investors, notes Nomura.
Key Quotes
"The Nomura Individual Investor Survey in October showed that JPY weakness expectations among retail investors have recovered. More than 50% of investors expect a rise in USD/JPY from the level referenced in the survey (98.25) over the next three months, while a majority of investors expected a decline a month ago."
"In margin trading positions, net USD/JPY long positions at major five brokers reached JPY576bn (USD5.8bn)on 2 October, the biggest net long positions since early June. After USD/JPY peaked in May, the USD/JPY long positions of Japanese margin traders, aka Mrs. Watanabe, declined, but momentum is recovering gradually."
"Total JPY selling positions against the nine major currencies also climbed to JPY835bn (USD8.4bn), the biggest level since early August. We estimate JPY selling positions on 9 October remain high. Steady expectations for further JPY weakness and an improvement in risk appetite are encouraging retail investors to take more risks."
Key Quotes
"The Nomura Individual Investor Survey in October showed that JPY weakness expectations among retail investors have recovered. More than 50% of investors expect a rise in USD/JPY from the level referenced in the survey (98.25) over the next three months, while a majority of investors expected a decline a month ago."
"In margin trading positions, net USD/JPY long positions at major five brokers reached JPY576bn (USD5.8bn)on 2 October, the biggest net long positions since early June. After USD/JPY peaked in May, the USD/JPY long positions of Japanese margin traders, aka Mrs. Watanabe, declined, but momentum is recovering gradually."
"Total JPY selling positions against the nine major currencies also climbed to JPY835bn (USD8.4bn), the biggest level since early August. We estimate JPY selling positions on 9 October remain high. Steady expectations for further JPY weakness and an improvement in risk appetite are encouraging retail investors to take more risks."