Traders flipped long yen vol ahead of global market rout
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Hedge
funds
and
real
money
bought
long
yen
volatility
in
the
run-up
to
Monday’s
turmoil
Investors
reversed
short
yen
carry
trades
with
bullish
yen
options
positions
ahead
of
the
volatility
that
hit
global
markets
on
August
5.
Dealers
say
clients
had
been
scrambling
to
exit
speculative
short
yen
positions
over
the
past
two
weeks
following
the
sharp
appreciation
of
the
Japanese
currency
in the
lead-up
to
the
Bank
of
Japan’s
rate
hike
on
July
31
and
the
US
Federal
Open
Markets
Committee
meeting
on
August
1.
According
to
options
traders,
a
lot
of
the
buying
had
come
from
real
money
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