MW: Yen speculation cut in half in one week: report
By Michael Kitchen
LOS ANGELES (MarketWatch) -- Speculative purchases of the Japanese yen (USDYEN 84.2100, -0.0900, -0.1068%) fell 52% in the wake of Japan's intervention in the foreign-exchange market, according to a report Tuesday. Non-commercial net purchases of the yen, as measured by Chicago Mercantile Exchange futures trading, fell to 288.75 as of Sept. 21, the Nikkei business daily reported, saying it was the lowest such value in about three months. The drop-off followed Japan's Sept. 15 intervention to counter the yen's 15-year high, which was hit just prior to the market action.
