Speculators Flip Net Long on Yen for First Time Since Late February

The yen's recent surge has seen speculators turn net long for the first time since late February, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission.

As of September 8, non-commercial positions in IMM currency futures showed a net long of 10,796 yen contracts, marking a dramatic reversal from the prior week's net short of 92,227 contracts.

The shift to a net long yen position marks the first such reading since data as of February 24. Long yen contracts surged more than 50% to 178,791 from 117,169 the prior week, reaching the highest level since early December 2025.

Market participants attribute the yen's recent strength to expectations for an accelerated pace of Bank of Japan rate hikes and signals indicating a preference for correcting yen weakness.