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We all know that Japanese traders have been obsessed with the carry trade. However given the more than 30 percent decline in many of the Yen crosses last year, many people may be wondering how many Japanese carry traders are still in the game. Can these traders still remain committed to their long AUD/JPY and GBP/JPY positions given the big losses that they have already taken?
My good friend Rhonda Staskow has compiled some great charts illustrating the changes in long yen positions at Tokyo Financial Exchange (TFX) and Gaitame.com, two of the largest retail currency brokers in Japan. These charts run from May 28 2008 to Jan 6, 2009 and are presented as the percentage of longs in overall positions.