Feb 14 U.S. hedge fund investor George Soros has
gained about $1 billion since November betting against the yen,
the Wall Street Journal reported, citing people with knowledge
of the firm's position.
The yen lost nearly 20 percent against the dollar between
November and early February, picking up speed as Japan's new
government put pressure on the Bank of Japan to ease monetary
policy more aggressively to defeat deflation.
Soros Fund Management's internal portfolio, which has been
led by Scott Bessent since last summer, holds about 10 percent
Japanese shares, the paper reported, citing people close to the
Investors including David Einhorn's Greenlight Capital
, Daniel Loeb's Third Point LLC and Kyle Bass's Hayman
Capital Management LP, also made big trading profits by riding
the yen down, the Journal said.
The Journal did not say how much profit Greenlight, Third
Point, and Hayman Capital made on yen trade.
"We put the trades on about three years ago and the trade
wasn't fun for the first two years and number of months,"
Einhorn told the Journal, adding that he expects further
Investors have wagered against the yen in various ways, from
complicated derivatives to simple put options, the kind that
Einhorn bought, the Journal said.
Soros Fund, Third Point, Hayman Capital and Greenlight
Capital could not be immediately reached for comment by Reuters
outside regular U.S. business hours.