Saturday, February 16, 2013

Shorting Yen Making Millions for Investors

Investors shorting the yen since November when the Bank of Japan was pressured to debase the currency, have made millions on the move, with currency expert George Soros generating a cool $1 billion from the play.

Other major players generating big gains from the debasing of the yer were David Einhorn's Greenlight Capital, Daniel Loeb's Third Point LLC and Kyle Bass's Hayman Capital Management LP.

Since the announcement in November of retaliation against the U.S. dollar by the Japanese for the ongoing policy of the Federal Reserve of endless quantitative easing, the yen has dropped 20 percent. Expectations are it still has room to fall.

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