CINXE.COM

<!DOCTYPE html> <html lang="en"> <head><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://asia.nikkei.com:80/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade","20150914123852","https://web.archive.org/","web","https://web-static.archive.org/_static/", "1442234332"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" />  <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta http-equiv="Content-Script-Type" content="text/javascript"/> <meta http-equiv="Content-Style-Type" content="text/css"/> <meta http-equiv="Pragma" content="no-cache"/> <meta http-equiv="Cache-Control" content="no-cache, must-revalidate"/> <meta http-equiv="Expires" content="-1"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <meta name="keywords" content="Yen,speculators,shift,buying,easing,exit,prospects,fade"/> <meta name="description" content="TOKYO -- Foreign speculators have started buying yen as struggling global stock markets and weak oil prices dim prospects for a U.S. interest rate hik"/> <meta name="date" content="2015-09-08 02:15:00"/> <meta name="sailthru.expire_date" content="Tue, 22 Sep 2015 02:15:00 +0900"/> <meta name="sailthru.image.full" content=""/> <meta name="sailthru.author" content="TATSUYA GOTO, Nikkei staff writer"/> <meta name="twitter:card" content="summary"/> <meta name="twitter:site" content="@NAR"/> <meta property="og:title" content="Shrinking short interest: Yen speculators shift to buying as easing exit prospects fade- Nikkei Asian Review"/> <meta property="og:type" content="article"/> <meta property="og:description" content="TOKYO -- Foreign speculators have started buying yen as struggling global stock markets and weak oil prices dim prospects for a U.S. interest rate hik"/> <meta property="og:image" content="/web/20150914123852im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/settings/common-setting/9833-119-eng-GB/Common-setting.png"> <title>Shrinking short interest: Yen speculators shift to buying as easing exit prospects fade- Nikkei Asian Review</title> <meta property="og:url" content="https://web.archive.org/web/20150914123852/http://asia.nikkei.com/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade"/> <meta property="og:site_name" content="Nikkei Asian Review"/> <link rel="canonical" href="https://web.archive.org/web/20150914123852/http://asia.nikkei.com/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade"/> <link rel="apple-touch-icon-precomposed" href="/web/20150914123852im_/http://asia.nikkei.com/apple-touch-icon-precomposed.png"> <link rel="stylesheet" href="/web/20150914123852cs_/http://asia.nikkei.com/css/jquery-ui-1.10.3.custom.min.css"/> <link rel="stylesheet" href="/web/20150914123852cs_/http://asia.nikkei.com/css/common_v015.css"/> <link rel="stylesheet" href="/web/20150914123852cs_/http://asia.nikkei.com/css/style_v023.css"/> <link rel="stylesheet" href="/web/20150914123852cs_/http://asia.nikkei.com/css/custom/modal_v002.css"/> <link rel="stylesheet" href="/web/20150914123852cs_/http://asia.nikkei.com/extension/ezfind/design/standard/stylesheets/ezajax_autocomplete.css"/> <script src="/web/20150914123852js_/http://asia.nikkei.com/JavaScript/jquery-1.10.1.min.js"></script> <script src="/web/20150914123852js_/http://asia.nikkei.com/JavaScript/jquery-ui-1.10.3.custom.min.js"></script> <script src="/web/20150914123852js_/http://asia.nikkei.com/JavaScript/nar_v019.js"></script> <script src="/web/20150914123852js_/http://asia.nikkei.com/JavaScript/slider_v001.js"></script> <script type="text/javascript"> (function() { var useSSL = 'https:' == document.location.protocol; var src = (useSSL ? 'https:' : 'http:') + '//web.archive.org/web/20150914123852/http://www.googletagservices.com/tag/js/gpt.js'; document.write('<scr' + 'ipt src="' + src + '"></scr' + 'ipt>'); })(); </script> <script type="text/javascript"> googletag.defineSlot('/7049/NikkeiEnglish_728*90', [728, 90], 'div-gpt-ad-1375148224113-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_1', [300, 250], 'div-gpt-ad-1375148072299-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_2', [300, 250], 'div-gpt-ad-1375260461786-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_3', [300, 250], 'div-gpt-ad-1404116812193-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InRead_Article', [1, 1],'div-gpt-ad-1396427317542-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InBoard_Article', [1, 1], 'div-gpt-ad-1410933087819-0').addService(googletag.pubads()); googletag.pubads().enableSyncRendering(); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); </script> <script type="text/javascript"> var YUI3_config = {base: "/extension/ezjscore/design/standard/lib/yui/3.9.0/build/", modules: {}, combine: false}; var YUI2_config = {base: "/extension/ezjscore/design/standard/lib/yui/2.8.2/build/", modules: {}, combine: false}; </script> <script type="text/javascript" src="/web/20150914123852js_/http://asia.nikkei.com/js/c15aa8f.js"></script> <script type="text/javascript">  </script> <script type="text/javascript">  </script> <script type="text/javascript"></script> <script>(function() { var _fbq = window._fbq || (window._fbq = []); if (!_fbq.loaded) { var fbds = document.createElement('script'); fbds.async = true; fbds.src = '//web.archive.org/web/20150914123852/http://connect.facebook.net/en_US/fbds.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(fbds, s); _fbq.loaded = true; } _fbq.push(['addPixelId', '1076130949081971']); })(); window._fbq = window._fbq || []; window._fbq.push(['track', 'PixelInitialized', {}]); </script> <noscript><img height="1" width="1" alt="" style="display:none" src="https://web.archive.org/web/20150914123852im_/https://www.facebook.com/tr?id=1076130949081971&ev=PixelInitialized"/></noscript> <script type="text/javascript" src="/web/20150914123852js_/http://asia.nikkei.com/js/536e19f.js"></script> </head> <body>  <div id="header"> <div class="header-banner">  <div id="div-gpt-ad-1375148224113-0" style="width:728px; height:90px;"> <script type="text/javascript"> googletag.display('div-gpt-ad-1375148224113-0'); </script> </div> <div id="login_before" class=""><a href="https://web.archive.org/web/20150914123852/https://regist.asia.nikkei.com/member/register/?n_cid=NARAN041"><img src="/web/20150914123852im_/http://asia.nikkei.com/static/pr/pc_header_230x90.jpg" alt=""/></a></div> </div> <div class="header-content"> <h1 class="logo"><a href="/web/20150914123852/http://asia.nikkei.com/"><img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_logo.png" alt="Nikkei Asian Review"/></a></h1> <div class="header-tool"> <ul class="base-list"> <li><a href="javascript:void(0)" class="js_balloon">Log in</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/member/register/?n_cid=NARAN040">Subscribe</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/about">About Nikkei Asian Review</a></li> </ul> <div> <div class="change-region">Sort by Region <table> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=1">Mainland China</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=2">North Korea</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=3">South Korea</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=4">Japan</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=5">Taiwan</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=6">Hong Kong, Macau</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=7">Vietnam</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=8">Laos, Cambodia, Myanmar</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=9">Thailand</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=10">Malaysia</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=11">Singapore</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=12">Philippines</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=13">Indonesia</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=14">India</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=15">Pakistan, Bangladesh,Sri Lanka, Nepal, Bhutan</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=16">Mongolia, Central Asia, Afghanistan</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=17">Russia, Caucasus</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=18">Australia, New Zealand, Pacific Islands</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=19">Turkey</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=20">Iran</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=21">Middle East, North Africa</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=22">Sub-Saharan Africa</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=23">Europe</a></td> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=24">North America</a></td> </tr> <tr> <td><a href="/web/20150914123852/http://asia.nikkei.com/search/findByRegion?facet_region=25">Latin America</a></td> </tr> </table> </div> <div> <form name="searchHeadArticles" action="/web/20150914123852/http://asia.nikkei.com/search/find"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search articles"/> <a href="#">search</a> <div id="header-autocomplete-rs"></div> </div> </form> <script language="JavaScript" type="text/javascript"> jQuery('#header-autocomplete-rs').css('width', '174px'); var autocomplete = new eZAJAXAutoComplete({ url: "/ezjscore/call/custom::autocomplete", inputid: 'SearchText', containerid: 'header-autocomplete-rs', minquerylength: 2, resultlimit: 5 }); </script> </div> <div> <form name="searchHeadCompanies" action="/web/20150914123852/http://asia.nikkei.com/Company/SearchResults"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search companies"/> <a href="#">search</a> </div> </form> </div> </div> </div> <div id="modal-login-balloon"> <div class="js_form-login-balloon_loading-layer" style="position: absolute; top: 0; left: 0; right: 0; bottom: 0; background: rgba(255, 255, 255, 0.3); z-index: 120; display: none;"></div> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/bg_load_2.gif" alt="loading..." class="js_form-login-balloon_loading-img" style="position: absolute; top: 50%; left: 50%; margin-left: -24px; margin-top: -24px; z-index: 150; display: none;"/> <form id="js_form-login-balloon" class="bg" action="https://web.archive.org/web/20150914123852/https://regist.asia.nikkei.com/member/auth/login/process"> <div class="login-form"> <h3 class="title">Log in</h3> <div class="input-form"> <dl> <dt>E-mail address/ID</dt> <dd class="js_valid js_notnull js_type_loginId"> <input type="text" class="js_vc-mail" name="formLogin[loginId]" id="js_form-login-balloon_loginId" msg_require="Please enter your e-mail address/ID" msg_type="Please enter valid e-mail address/ID" maxlength="100" style="ime-mode: disabled;"/> <p class="error"></p> </dd> <dt>Password<span class="arrow"><a href="/web/20150914123852/http://asia.nikkei.com/member/password/" tabindex="-1">Forgot password?</a></span></dt> <dd class="js_valid js_notnull"> <input type="password" name="formLogin[password]" id="js_form-login-balloon_password" msg_require="Please enter your password" maxlength="30"/> <p class="error"></p> </dd> </dl> <div><label><input type="checkbox" checked="checked" name="formLogin[rememberMe]" id="js_form-login-balloon_rememberMe"/>Remember me</label></div> <div class="login-btn"><button type="submit" id="login-balloon-submit" class="general-submit-btn js_btn-submit"><span>Log in</span></button></div> <input type="hidden" name="formLogin[mode]" id="js_form-login-balloon_mode" value="NORMAL"/> </div> </div> </form> <a class="close-btn js_close">close</a> <script type="text/javascript"></script> </div> </div> <div class="navigation active"> <div class="inner"> <ul> <li><a href="/web/20150914123852/http://asia.nikkei.com/">Home</a></li> <li class="list-open"> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/">Politics & Economy</a> <div class="list-menu"> <ul> <li><a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/Policy-Politics">Policy & Politics</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/Economy/">Economy</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/International-Relations/">International Relations</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20150914123852/http://asia.nikkei.com/Business/">Business</a> <div class="list-menu"> <ul> <li><a href="/web/20150914123852/http://asia.nikkei.com/Business/Companies/">Companies</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Business/AC">  ASEAN 100 / India 40</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Business/Trends/">Trends</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Business/Deals">Deals</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Business/Executive-Lounge">Executive Lounge</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Business/Consumers/">Consumers</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20150914123852/http://asia.nikkei.com/Markets/">Markets</a> <div class="list-menu"> <ul> <li><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Capital-Markets/">Capital Markets</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Equities">Equities</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Currencies/">Currencies</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Commodities/">Commodities</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Property/">Property</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Tokyo-Market/">Tokyo Market</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Nikkei-PMI/">Nikkei PMI</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20150914123852/http://asia.nikkei.com/Tech-Science/">Tech & Science</a> <div class="list-menu"> <ul> <li><a href="/web/20150914123852/http://asia.nikkei.com/Tech-Science/Tech/">Tech</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Tech-Science/Science/">Science</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20150914123852/http://asia.nikkei.com/Viewpoints/">Viewpoints</a> <div class="list-menu"> <ul> <li><a href="/web/20150914123852/http://asia.nikkei.com/Viewpoints/Perspectives/">Perspectives</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Viewpoints/Geopolitico/">Geopolitico</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Viewpoints/Economeister/">Economeister</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Viewpoints/Editorial/">Editorial</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20150914123852/http://asia.nikkei.com/Life-Arts/">Life & Arts</a> <div class="list-menu"> <ul> <li><a href="/web/20150914123852/http://asia.nikkei.com/Life-Arts/Life/">Life</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Life-Arts/Arts/">Arts</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Life-Arts/Education/">Education</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Life-Arts/Milestone/">Milestone</a></li> </ul> </div> </li> <li class="list-open"> <a>Features</a> <div class="list-menu"> <ul> <li><a href="/web/20150914123852/http://asia.nikkei.com/Features/Redback-tracker/">Redback tracker</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Features/Accounting-scandal/">Accounting scandal</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Features/Market-Turmoil/">Market Turmoil</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Features/China-up-close/">China up close</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Features/Kim-s-North-Korea/">Kim's North Korea</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Features/BOJ-Watch/">BOJ Watch</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Features/The-Future-of-Asia-2015/">The Future of Asia 2015</a></li> </ul> </div> </li> <li><a href="/web/20150914123852/http://asia.nikkei.com/Japan-Update/">Japan Update</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/magazine">Magazine</a></li> </ul> </div> </div> </div> <div id="content"> <div class="primary"> <div class="topic-path"> <ul> <li class=""><a href="/web/20150914123852/http://asia.nikkei.com/Markets">Markets</a></li><li class="last"><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Tokyo-Market">Tokyo Market</a></li> </ul> </div> <div class="article detail-area"> <div class="icon-area"> <ul class="snsicon-list"> <li class="print" style="display:none;"><a href="/web/20150914123852/http://asia.nikkei.com/print/article/116989" target="_blank">Print</a></li> <li class="Twitter"><a href="https://web.archive.org/web/20150914123852/https://twitter.com/share?url=http://s.nikkei.com/1K2EAdy&text=Shrinking%20short%20interest%3A%20Yen%20speculators%20shift%20to%20buying%20as%20easing%20exit%20prospects%20fade-%20Nikkei%20Asian%20Review" target="_blank">Twitter</a></li> <li class="Facebook"><a href="https://web.archive.org/web/20150914123852/https://www.facebook.com/sharer/sharer.php?u=http://s.nikkei.com/1K2EAdy&t=Shrinking%20short%20interest%3A%20Yen%20speculators%20shift%20to%20buying%20as%20easing%20exit%20prospects%20fade-%20Nikkei%20Asian%20Review" target="_blank">Facebook</a></li> <li class="Google"><a href="https://web.archive.org/web/20150914123852/https://plus.google.com/share?url=http://s.nikkei.com/1K2EAdy" target="_blank">Google+</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20150914123852/http://www.linkedin.com/shareArticle?mini=true&url=http://s.nikkei.com/1K2EAdy&title=Shrinking%20short%20interest%3A%20Yen%20speculators%20shift%20to%20buying%20as%20easing%20exit%20prospects%20fade-%20Nikkei%20Asian%20Review" target="_blank">LinkedIn</a></li> <li class="Mail"><a href="https://web.archive.org/web/20150914123852/mailto:/?subject=Shrinking%20short%20interest%3A%20Yen%20speculators%20shift%20to%20buying%20as%20easing%20exit%20prospects%20fade&body=Here%20is%20something%20from%20Nikkei%20Asian%20Review%20that%20might%20interest%20you%3A%0D%0AShrinking%20short%20interest%3A%20Yen%20speculators%20shift%20to%20buying%20as%20easing%20exit%20prospects%20fade%0D%0Ahttp://s.nikkei.com/1K2EAdy">Mail</a></li> </ul> </div> <div class="article-box"> <div class="detail"> <div class="feature-article"> <div class="date-area">September 8, 2015 2:15 am JST</div> <div class="sub-title">Shrinking short interest</div> <h1 class="title">Yen speculators shift to buying as easing exit prospects fade</h1> <p>TATSUYA GOTO, Nikkei staff writer</p> </div> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p>TOKYO -- Foreign speculators have started buying yen as struggling global stock markets and weak oil prices dim prospects for a U.S. interest rate hike and fuel anticipation of further easing in Europe.</p><p>     Selling of emerging-market currencies and buying of currencies of advanced countries were the most prominent themes in currency markets last month. Uncertainty over the Chinese economy touched off an across-the-board sell-off in Southeast Asian and resource-producing countries. And buyers have increasingly flocked to the yen of late.</p><p>     In Chicago's currency futures market, net short positions in the yen totaled just under 200 billion yen ($1.66 billion) on Sept. 1, shrinking 1.1 trillion yen or so in just three weeks. The decline was the largest since the 2012 launch of Abenomics. Long positions could come to outweigh shorts.</p><p>     "Not only have sellers decreased, but buyers are increasing as well," observed Takuya Iwasaki of Bank of America. Short positions outstanding in the yen have seen a striking drop, while long interest has picked up.</p><p>     Asked about the latter, multiple currency dealers said that while it still owes mainly to unwinding of short positions, some traders are starting to go long on the yen in hopes of profiting on future appreciation. Speculators' strategies are unclear. But according to a foreign bank, the trend reflects shifts in American, Japanese and European monetary policy.</p><div class="page_limit free"></div><div class="page_limit"></div><p>     Some economists continue to argue that the Federal Reserve will hike interest rates in September, but the market now sees the odds of such a move at just 10-20%. Even if rates are raised within the year, "since there's a risk that a slowdown in emerging economies could snap back to hit the U.S., rate hikes will also be rather slow next year," argued Ryutaro Kono, chief economist at BNP Paribas.</p><p>     Group of 20 finance ministers and central bank governors discouraged a hasty rate hike at a meeting that wrapped up Saturday. Lowered expectations of an increase have shaken the greenback's strength. "The 125-to-the-dollar level that the yen stayed at several weeks ago is also some way off psychologically now," Iwasaki said.</p><p>     At a news conference Thursday, European Central Bank President Mario Draghi pointed out downside risks for inflation. He emphasized the ECB's "willingness and ability to act, if warranted, by using all the instruments available within its mandate," indicating that further monetary easing would not be out of the question. Although the bank plans to end quantitative easing in September 2016, Mitsubishi UFJ Morgan Stanley Securities sees an extension at the Governing Council meeting in December as more likely now.</p><p>     On the Japanese side, an Aug. 27 speech by Bank of Japan Gov. Haruhiko Kuroda indicated little change in the BOJ's rosy view of inflation prospects. A major brokerage sees the bank as leery of implementing further easing this year amid a lack of room to buy more government debt.</p><p>     In the currency options market, risk reversal -- the difference in volatility between call and put options -- for yen options has reached its highest point since the BOJ implemented its massive easing program, indicating expectations of strengthening. The Nikkei Stock Average has been fluctuating wildly but trending downward.</p><div class="page_break auto free"></div><div class="page_break auto"></div><p>     "Calls to extend and ramp up monetary easing in Japan, the U.S. and Europe will probably grow louder," said Tetsufumi Yamakawa of Barclays Securities Japan. </p> </div> </div> <div id="modal-screen_zoom"></div> </div> <div class="pagination no-border"></div> <div class="related-list"> <p class="related-header">Related stories</p> <ul class="point-list"> <li><a href="/web/20150914123852/http://asia.nikkei.com/Markets/Tokyo-Market/Dollar-stays-in-low-119-yen-zone-as-volatile-stocks-keep-traders-edgy">Dollar stays in low 119 yen zone as volatile stocks keep traders edgy</a></li> </ul> </div> <div class="OUTBRAIN" data-src="https://web.archive.org/web/20150914123852oe_/http://asia.nikkei.com/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade" data-widget-id="AR_1" data-ob-template="Nikkei_Asian_Review_EN"></div> <script type="text/javascript" async="async" src="https://web.archive.org/web/20150914123852js_/http://widgets.outbrain.com/outbrain.js"></script> </div> <script type="text/javascript">  </script> <script type="text/javascript">  </script> <script>  </script> <link rel="stylesheet" href="/web/20150914123852cs_/http://asia.nikkei.com/css/article_pagination_v001.css"/> <script type="text/javascript" src="/web/20150914123852js_/http://asia.nikkei.com/js/8a7e90e.js"></script> <script type="text/javascript">  </script> </div> <div class="secondary"> <div id="sailthru-signup" style="font-family: verdana; font-size: 90%; text-align: center; background-color: #D0D0D0; padding-left: 10px; margin-left: 20px; "> <form method="post" action="https://web.archive.org/web/20150914123852/http://link.asia.nikkei.com/s"> <div style="background-color: #003979;width: 330px;margin-left: -10px;height: 30px;"> <label for="email" style=" color: white; line-height: 30px; font-weight: bold; font-size: 13pt; font-family: helvetica neue, arial,sans-serif; ">Receive weekly news updates</label></div> <div style=" line-height: 32px; margin-left: -10px; "> <input type="text" name="email" placeholder=" Email address" style=" width: 190px;"> <input type="submit" value="submit" style=" background-color: #777777; width: 58px; color: #fff; margin-left: -5px; border-style: none; height: 20px; "> <input type="hidden" name="template" value="Welcome_ver. 0.4"> <input type="hidden" name="redirect" value="http://asia.nikkei.com"></div> </form></div> <script type="text/javascript" src="https://web.archive.org/web/20150914123852js_/http://www.nikkei.co.jp/gifdata/indices.js"></script> <script src="/web/20150914123852js_/http://asia.nikkei.com/JavaScript/custom/market_v001.js"></script> <div class="link-box GCCMD_removeall"> <h5 class="title">Market data</h5> <table class="market-data"> <tr class="odd"> <th>Nikkei 225</th> <td> <script type="text/javascript"> document.write(NK225_CUR); </script> </td> <script type="text/javascript"> diffValue(NK225_DIFF); diffPercent(NK225_CUR,NK225_DIFF); </script> </tr> <tr> <th>DJIA</th> <td> <script type="text/javascript"> document.write(DJIA_D_CUR); </script> </td> <script type="text/javascript"> diffValue(DJIA_D_DIFF); diffPercent(DJIA_D_CUR,DJIA_D_DIFF); </script> </tr> <tr class="odd"> <th>Hang Seng</th> <td> <script type="text/javascript"> document.write(HANS_CUR); </script> </td> <script type="text/javascript"> diffValue(HANS_DIFF); diffPercent(HANS_CUR,HANS_DIFF); </script> </tr> <tr> <th>USD/JPY</th> <td> <script type="text/javascript"> document.write(usjpA_CUR); </script> </td> <script type="text/javascript"> diffValue(usjpA_DIFF); diffPercent(usjpA_CUR,usjpA_DIFF); </script> </tr> <tr class="odd"> <th>USD/CNY</th> <td> <script type="text/javascript"> document.write(cnusA_CUR); </script> </td> <script type="text/javascript"> diffValue(cnusA_DIFF); diffPercent(cnusA_CUR,cnusA_DIFF); </script> </tr> </table> <div>Data delayed by at least 15 minutes.</div> <div class="more"><a href="https://web.archive.org/web/20150914123852/http://indexes.nikkei.co.jp/en/nkave" target="_blank">About Nikkei Indexes</a></div> </div> <div class="rectangle">  <div id="div-gpt-ad-1375148072299-0" style="width:300px;"> <script type="text/javascript"> googletag.display('div-gpt-ad-1375148072299-0'); </script> </div> </div> <div id="obSidebar"></div> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; if (obCheck >= 1) { var obElement = document.createElement('div'); obElement.className = "OUTBRAIN"; var obUrl = location.href; obUrl = obUrl.split( '?' ); obElement.setAttribute("data-src", obUrl[0]); obElement.setAttribute("data-widget-id", "SB_1"); obElement.setAttribute("data-ob-template", "Nikkei_Asian_Review_EN"); var obObject = document.getElementById("obSidebar"); obObject.appendChild(obElement); }; </script> <script type="text/javascript" async="async" src="https://web.archive.org/web/20150914123852js_/http://widgets.outbrain.com/outbrain.js"></script> <div class="link-box "> <h5 class="title notice">Most read</h5> <ul class="ranking-list"> <li class="number1"> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/International-Relations/Warships-off-Alaska-signal-Chinese-navy-s-wanderlust"><span class="sub-title-s">Shot across the bow?: </span>Warships off Alaska signal Chinese navy's wanderlust</a> </li> <li class="number2"> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Singapore-s-Lee-coasts-home-in-general-election"><span class="sub-title-s">PAP showing best since '01: </span>Singapore's Lee coasts home in general election</a> </li> <li class="number3"> <a href="/web/20150914123852/http://asia.nikkei.com/Japan-Update/25-unaccounted-for-in-flooded-Ibaraki-city-river-overflows-in-Miyagi">25 unaccounted for in flooded Ibaraki city, river overflows in Miyagi</a> </li> <li class="number4"> <a href="/web/20150914123852/http://asia.nikkei.com/Japan-Update/Torrential-rain-causes-river-to-breach-banks-flood-homes">Torrential rain causes river to breach banks, flood homes</a> </li> <li class="number5"> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/Policy-Politics/For-many-emperor-s-coronation-didn-t-feel-like-a-party"><span class="sub-title-s">China's military parade: </span>For many, 'emperor's coronation' didn't feel like a party </a> </li> </ul> </div> <div class="link-box "> <h5 class="title">Editor's picks</h5> <ul class="headline-list"> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/International-Relations/Japan-dismayed-by-Indonesia-s-decision-to-turn-down-high-speed-train-plans"><span class="sub-title-s">Duel with China ends in draw: </span>Japan dismayed by Indonesia's decision to turn down high-speed train plans</a> </li> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/Policy-Politics/China-embarks-on-major-military-restructuring"><span class="sub-title-s">More muscle in air and sea: </span>China embarks on major military restructuring </a> </li> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Viewpoints/Geopolitico/Truth-behind-Bangkok-bombing-may-never-be-known"><span class="sub-title-s">Anthony Davis: </span>Truth behind Bangkok bombing may never be known</a> </li> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Business/Companies/AmorePacific-looks-to-take-Asian-cosmetics-market-by-storm"><span class="sub-title-s">Riding the Korean wave: </span>AmorePacific looks to take Asian cosmetics market by storm</a> </li> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Tech-Science/Tech/Kawasaki-Heavy-fighting-for-place-in-hydrogen-economy"><span class="sub-title-s">Energy development: </span>Kawasaki Heavy fighting for place in 'hydrogen economy'</a> </li> </ul> </div> <div class="link-box follow-nikkei"> <h5 class="title">Follow Nikkei Asian Review</h5> <ul class="snsicon-list"> <li class="Twitter"><a href="https://web.archive.org/web/20150914123852/https://twitter.com/NAR" target="_blank">Twitter</a></li> <li class="Facebook"><a href="https://web.archive.org/web/20150914123852/https://www.facebook.com/nikkeiasianreview" target="_blank">Facebook</a></li> <li class="Google"><a href="https://web.archive.org/web/20150914123852/https://plus.google.com/+NikkeiAsianReview/" target="_blank">Google+</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20150914123852/http://www.linkedin.com/company/nikkei-asian-review" target="_blank">LinkedIn</a></li> <li class="RSS"><a href="/web/20150914123852/http://asia.nikkei.com/info/rss" target="_blank">RSS</a></li> </ul> </div> <div class="rectangle">  <div id="div-gpt-ad-1375260461786-0" style="width:300px;"> <script type="text/javascript"> googletag.display('div-gpt-ad-1375260461786-0'); </script> </div> </div> <div class="link-box "> <h5 class="title notice"><a href="/web/20150914123852/http://asia.nikkei.com/Latestheadlines">Latest headlines</a></h5> <ul class="headline-list"> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Business/AC/Rate-cut-hopes-boost-lenders-lift-Indian-indexes"><span class="sub-title-s">ICICI Bank: </span>Rate cut hopes boost lenders, lift Indian indexes</a> </li> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Australia-to-get-new-PM-as-Abbott-loses-out-to-rival-Turnbull">Australia to get new PM as Abbott loses out to rival Turnbull</a> </li> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Business/AC/Group-launches-new-website-to-tap-e-commerce-demand"><span class="sub-title-s">Mahindra & Mahindra: </span>Group launches new website to tap e-commerce demand</a> </li> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/Economy/Weaker-Malaysian-ringgit-hurts-Singapore"><span class="sub-title-s">Currency convulsions: </span>Weaker Malaysian ringgit hurts Singapore</a> </li> <li> <a href="/web/20150914123852/http://asia.nikkei.com/Politics-Economy/International-Relations/Ties-between-Park-Xi-shape-East-Asia-diplomacy"><span class="sub-title-s">Washington, Tokyo concerned: </span>Ties between Park, Xi shape East Asia diplomacy</a> </li> </ul> <div class="more"><a href="/web/20150914123852/http://asia.nikkei.com/Latestheadlines">more</a></div> </div> <div class="rectangle">  <div id="div-gpt-ad-1404116812193-0" style="width:300px;"> <script type="text/javascript"> googletag.display('div-gpt-ad-1404116812193-0'); </script> </div> </div>  <div id="div-gpt-ad-1396427317542-0" style="width:1px; height:1px;"> <script type="text/javascript"> var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if(!(vdCheck >= 1)){ googletag.display('div-gpt-ad-1396427317542-0'); } </script> </div>  <div id="div-gpt-ad-1410933087819-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1410933087819-0'); }); } </script> </div> </div> </div> <div id="footer"> <div class="footer-content"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_logo_footer.png" alt="Nikkei Asian Review"/> <div class="footer-link"> <ul class="snsicon-list"> <li class="Twitter"><a href="https://web.archive.org/web/20150914123852/https://twitter.com/NAR" target="_blank">Twitter</a></li> <li class="Facebook"><a href="https://web.archive.org/web/20150914123852/https://www.facebook.com/nikkeiasianreview" target="_blank">Facebook</a></li> <li class="Google"><a href="https://web.archive.org/web/20150914123852/https://plus.google.com/+NikkeiAsianReview/" target="_blank">Google+</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20150914123852/http://www.linkedin.com/company/nikkei-asian-review" target="_blank">LinkedIn</a></li> <li class="RSS"><a href="/web/20150914123852/http://asia.nikkei.com/info/rss" target="_blank">RSS</a></li> </ul> <ul class="appstore-link"> <li><a href="https://web.archive.org/web/20150914123852/http://itunes.com/apps/thenikkeiasianreview" target="_blank"><img src="/web/20150914123852im_/http://asia.nikkei.com/images/banner_appstore.png" alt="App store"/></a></li> <li><a href="https://web.archive.org/web/20150914123852/https://play.google.com/store/apps/details?id=com.nikkei.asianreview" target="_blank"><img src="/web/20150914123852im_/http://asia.nikkei.com/images/banner_googleplay.png" alt="google play"/></a></li> </ul> </div> </div> <ul class="footer-nav base-list"> <li><a href="/web/20150914123852/http://asia.nikkei.com/info/about">About Nikkei Asian Review</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/info/sitemap">Site map</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/info/help">Help</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/contact">Contact us</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/info/terms-of-use">Terms of use</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/info/copyright">Copyright</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/info/privacy">Privacy & cookie policy</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/info/advertising">Advertising</a></li> <li><a href="/web/20150914123852/http://asia.nikkei.com/info/announcements">Announcements</a></li> </ul>  <div id="cX-root" style="display:none"></div> <script type="text/javascript"> var cX = cX || {}; cX.callQueue = cX.callQueue || []; cX.callQueue.push(['setSiteId', '9222348813034720882']); cX.callQueue.push(['sendPageViewEvent']); </script> <script type="text/javascript"> (function() { try { var scriptEl = document.createElement('script'); scriptEl.type = 'text/javascript'; scriptEl.async = 'async'; scriptEl.src = ('https:' == location.protocol) ? 'https://web.archive.org/web/20150914123852/https://scdn.cxense.com/cx.js' : 'https://web.archive.org/web/20150914123852/http://cdn.cxense.com/cx.js'; var targetEl = document.getElementsByTagName('script')[0]; targetEl.parentNode.insertBefore(scriptEl, targetEl); } catch (e) {};} ()); </script>  <div class="footer-tool"> <div class="copyright">Copyright © 2015 Nikkei Inc. All rights reserved.</div> <div class="language"> <ul class="base-list"> <li><a href="https://web.archive.org/web/20150914123852/http://www.nikkei.com/" target="_BLANK">Japanese</a></li> <li><a href="https://web.archive.org/web/20150914123852/http://cn.nikkei.com/" target="_BLANK">Chinese</a></li> </ul> </div> </div> </div> <div id="ms-link"> <ul> <li><a href="javascript:void(0);" onclick="javascript:NAR_js.view_change('sp');">Mobile site</a></li> </ul> </div> <div id="modal_gd04_01" class="util limitSoon"> <h3 class="title"><img src="/web/20150914123852im_/http://asia.nikkei.com/images/logo_article_modal.png" height="30" alt="NIKKEI ASIAN REVIEW"></h3> <div> <h4>Thank you for visiting Nikkei Asian Review</h4> <p>You have <span class="fcR">limited</span> access. <br>To enjoy full access, subscribe now.</p> <div class="login-btn"><a href="/web/20150914123852/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN003" class="general-btn" id="subscribe"><span>See more details</span></a></div> <div class="modal-footer"> Already a subscriber? <a href="/web/20150914123852/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade" class="ga-login" id="login">Log in</a> </div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLimitSoon(NonLogin)"></div> </div> <div id="modal_gd04_02" class="util limitSoon"> <h3 class="title"><img src="/web/20150914123852im_/http://asia.nikkei.com/images/logo_article_modal.png" height="30" alt="NIKKEI ASIAN REVIEW"></h3> <div> <h4>Thank you for visiting Nikkei Asian Review</h4> <p><span class="fcR">Your subscription renewal has not been processed.</span><br>Please update your payment information and enjoy full access.</p> <div class="login-btn"><a href="/web/20150914123852/http://asia.nikkei.com/member/edit/plan?n_cid=NARAN009&return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade" class="general-btn" id="resubscribe"><span>Update your account</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLimitSoon(FreeUser)"></div> </div> <div id="modal_gd05_01" class="util expiration"> <h3 class="title">Your trial period will end soon</h3> <div> <p> Subscribe today to continue enjoying NAR.<br> • Unlimited access to asia.nikkei.com<br> • Unlimited access to NAR mobile and tablet apps<br> • Add delivery of NAR in print each week </p> <div class="login-btn"><a href="/web/20150914123852/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN005" class="general-btn" id="subscribe"><span>See all offers and subscribe</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDSoonExpire(TrialUser)"></div> </div> <div id="modal-screen_gd05_01"></div> <div id="insert_modal_gd08_01" class="paywall"> <p class="title">To read the full story, <a href="/web/20150914123852/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN022" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20150914123852/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN023" class="ga-loginlink" id="login">Log in</a></p> <div><a href="/web/20150914123852/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN024" class="paywall-ro" id="image"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_For_unlogin-users.png" alt="Subscribe to Nikkei Asian review" class="paywall-ro-img"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_For_unlogin-users.png" alt="Subscribe to Nikkei Asian review" class="paywall-ro-bg"></a> </div> <div style="display:none" class="ga" id="IMDLimited(NonLogin)"></div> </div> <div id="insert_modal_gd08_02" class="paywall"> <p class="title">To read the full story, <a href="/web/20150914123852/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN028" class="ga-subscribe" id="resubscribe">update your account</a></p> <div><a href="/web/20150914123852/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN029" class="paywall-ro" id="image"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_For_invalid_payment_info.png" alt="Changed your payment information?" class="paywall-ro-img"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_For_invalid_payment_info.png" alt="Changed your payment information?" class="paywall-ro-bg"></a> </div> <div style="display:none" class="ga" id="IMDLimited(FreeUser)"></div> </div> <div id="insert_modal_gd08_03" class="paywall"> <p class="title">To read the full story, <a href="/web/20150914123852/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN025" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20150914123852/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN026" class="ga-loginlink" id="login">Log in</a></p> <div><a href="/web/20150914123852/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN027" class="paywall-ro" id="image"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_For_unlogin-users.png" alt="Subscribe to Nikkei Asian review" class="paywall-ro-img"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_For_unlogin-users.png" alt="Subscribe to Nikkei Asian review" class="paywall-ro-bg"></a> </div> <div style="display:none" class="ga" id="IMDMemberOnly(NonLogin)"></div> </div> <div id="insert_modal_gd08_04" class="paywall"> <p class="title">To read the full story, <a href="/web/20150914123852/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN030" class="ga-subscribe" id="resubscribe">update your account</a></p> <div><a href="/web/20150914123852/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN031" class="paywall-ro" id="image"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_For_invalid_payment_info.png" alt="Changed your payment information?" class="paywall-ro-img"> <img src="/web/20150914123852im_/http://asia.nikkei.com/images/img_For_invalid_payment_info.png" alt="Changed your payment information?" class="paywall-ro-bg"></a> </div> <div style="display:none" class="ga" id="IMDMemberOnly(FreeUser)"></div> </div> <div id="modal_gd02_01" class="util"> <h3 class="title">Update your payment information</h3> <div> <p>Your subscription renewal could not be processed. Please update your payment information to continue enjoying the Nikkei Asian Review.</p> <div class="login-btn"><a href="/web/20150914123852/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN007" class="general-btn" id="resubscribe"><span>Resubscribe now</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLogin(FreeUser)"></div> </div> <div id="modal-screen_gd02_01"></div> <div id="modal_gd06_01" class="util expiration"> <h3 class="title">Your trial period has expired</h3> <div> <p> Subscribe today to continue enjoying NAR.<br> • Unlimited access to asia.nikkei.com<br> • Unlimited access to NAR mobile and tablet apps<br> • Add delivery of NAR in print each week </p> <div class="login-btn"><a href="/web/20150914123852/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Yen-speculators-shift-to-buying-as-easing-exit-prospects-fade&n_cid=NARAN006" class="general-btn" id="subscribe"><span>See all offers and subscribe</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDExpired(TrialUser)"></div> </div> <div id="modal-screen_gd06_01"></div> <div id="footer-script"> <script type="text/javascript"> var page = "1"; if(typeof authority === "undefined"){ var authority = ""; } if(typeof memberId === "undefined"){ var memberId = ""; } var viewMode = "PC"; </script>  <script type="text/javascript"> var now = new Date(); var pageName = location.href; var channel = "NAR"; var server = document.domain; var pageType = ""; var prop1 = "NAR-Markets"; var prop2 = "NAR-Markets-Tokyo Market"; var prop3 = "Shrinking short interest: Yen speculators shift to buying as easing exit prospects fade"; var prop4 = "81009"; var prop5 = page; var prop6 = now.getHours(); var prop9 = ""; var prop10 = ""; var prop11 = ""; var prop12 = "Not selection"; var prop25 = "Forex"; var prop26 = "North America"; var prop27 = ""; var prop28 = authority; var prop29 = "1"; var prop30 = getCookie(String(now.getFullYear())+String(now.getMonth()+1)+"vc"); var prop33 = ""; var prop34 = viewMode; var prop44 = memberId; </script>  <script language="JavaScript" src="https://web.archive.org/web/20150914123852js_/http://parts.nikkei.com/parts/SC/NAR/s_codeNAR20141101.js"></script> <script language="JavaScript" src="https://web.archive.org/web/20150914123852js_/http://cdn.nikkei.com/parts/SC2/s_cDS.js"></script> <script language="JavaScript"> </script> <noscript><a href="https://web.archive.org/web/20150914123852/http://www.omniture.com/" title="Web Analytics"><img src="https://web.archive.org/web/20150914123852im_/http://nikkei.d1.sc.omtrdc.net/b/ss/nikkeicojpgrpmstallprod,nikkeicojpdsmstallprod,nikkeicojpnarprod/1/H.9--NS/0" height="1" width="1" border="0" alt=""/> </a></noscript>    <script> (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//web.archive.org/web/20150914123852/http://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-44606671-1', 'asia.nikkei.com'); // Set custom dimension if(login_flag != "undefined"){ ga('set', 'dimension1', login_flag); } if(authority != "undefined" && authority != ""){ ga('set','dimension2', authority); } if(memberId != "undefined" && memberId !=""){ ga('set','dimension3', memberId); } if( aid != ""){ ga('set','dimension4', aid); } if(viewMode != "undefined"){ ga('set','dimension5', viewMode); } // Send view ga('send', 'pageview'); // Send event if(NAR_js.isCount == true){ ga('send', 'event', 'Article', 'countUp', 'Article-countUp', NAR_js.user_view_count); } if(NAR_js.oneClickFree == true){ ga('send', 'event', 'OneClickFree', 'view', 'OneClickFree-view'); } setTimeout("ga('send', 'event', 'unbounce', '15_sec')", 15000); </script>  <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var urlCheck1 = document.location.href.search(/\/info\/announcements\//); var urlCheck2 = document.location.href.search(/\/static\//); if (obCheck >= 1 && urlCheck1 == -1 && urlCheck2 == -1){ (function() { function loadHorizon() { var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = location.protocol + '//web.archive.org/web/20150914123852/http://ak.sail-horizon.com/horizon/v1.js'; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x); } loadHorizon(); var oldOnLoad = window.onload; window.onload = function() { if (typeof oldOnLoad === 'function') { oldOnLoad(); } Sailthru.setup({ domain: 'horizon.asia.nikkei.com', concierge:{cssPath:'https://web.archive.org/web/20150914123852/http://asia.nikkei.com/static/st/recommendation_20141020.css'} }); }; })(); } </script> <script type="text/javascript"> _bizo_data_partner_id = "7600"; </script> <script type="text/javascript"> (function() { var s = document.getElementsByTagName("script")[0]; var b = document.createElement("script"); b.type = "text/javascript"; b.async = true; b.src = (window.location.protocol === "https:" ? "https://web.archive.org/web/20150914123852/https://sjs" : "https://web.archive.org/web/20150914123852/http://js") + ".bizographics.com/insight.min.js"; s.parentNode.insertBefore(b, s); })(); </script> <noscript> <img height="1" width="1" alt="" style="display:none;" src="//web.archive.org/web/20150914123852im_/http://www.bizographics.com/collect/?pid=7600&fmt=gif"/> </noscript> <script type="text/javascript"> /* <![CDATA[ */ var google_conversion_id = 1000997403; var google_custom_params = window.google_tag_params; var google_remarketing_only = true; /* ]]> */ </script> <script type="text/javascript" src="//web.archive.org/web/20150914123852js_/http://www.googleadservices.com/pagead/conversion.js"> </script> <noscript> <div style="display:inline;"> <img height="1" width="1" style="border-style:none;" alt="" src="//web.archive.org/web/20150914123852im_/http://googleads.g.doubleclick.net/pagead/viewthroughconversion/1000997403/?value=0&guid=ON&script=0"/> </div> </noscript> <script type="text/javascript"> window._tfa = window._tfa || []; _tfa.push({notify:"action", name: 'page_view'}); </script> <script src="//web.archive.org/web/20150914123852js_/http://cdn.taboola.com/libtrc/nikkeiasianreview-sc/tfa.js"></script> </div> </body> </html>