What are known as yen carry positions in the international monetary market appear to have been rapidly unwound as the yen has rallied about ¥20 per dollar in about a month after hitting a 37-year low.
The noncommercial sector's net short position in yen futures on the Chicago Mercantile Exchange is seen as an indicator of speculative yen carry positions.
According to data from the U.S. Commodity Futures Trading Commission, the net short position hit a historically high level of 184,000 contracts on July 2, but plummeted to 73,000 contracts on July 30 and 11,000 contracts on Tuesday.