The Most Hated Currency In The World

The Most Hated Currency In The World

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Business Insider – You really can’t look anywhere right now without reading about someone hating the yen.

SocGen’s Kit Juckes wrote today:

I hadlunch yesterday with a bunch of old friends/colleagues/acquaintances from the HF/investment/HNW markets. The result was a wide-ranging debate about markets. Everyone wants the yen to weaken (FX folks want to short the yen, equity folks think a weaker yen can let the Nikkei play catch-up).

Morgan Stanley’s big 2013 currency outlook is called: FX Outlook 2013: The Year of JPY Weakness.

There are news reports about how traders are seeing “vindication” in their longtime bearishness.

Pop traders like Dennis Gartman say they are are shorting the yen.

Per the CFTC, traders ahve recently gone net short the yen for the first time since the Spring (chart via SocGen):

cftc yen

SocGen

Goldman’s Jim O’Neill says he’s been a longtime Yen bull, but has now gone negative:  More>>