Japanese Retail FX Positioning

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.



  1. Thanks for posting an update, great work with the charts! I’d like to additionally contribute to the forex community you have going on here.

    Writing articles is a time consuming process. I have been doing research and reading multiple books to get these writings done. I am dedicated to providing information to the readers of my own blog too, and I hope these introduction articles will clear up a few doubts.

    This is mostly for beginners, but I try to write about important things in the same article even if they are slightly off-subject. Simply because the readers can learn more from it. If you are just starting out, you may find important information I hint at in these tutorials/articles:

    Risk management, the 2% and 6% rules explained:

    I’m not sure what level of experience everyone is on this blog, but I would like to hear feedback on this. Corrections, if you can find anything out of place with the text, suggestions, edits or requests to add/clarify information are welcome.


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