According to Odaily, hedge funds have turned bullish on the Japanese yen for the first time since 2021, following significant volatility in the foreign exchange market that led to a surge in a popular yen trade. The latest data from the U.S. Commodity Futures Trading Commission (CFTC) for the week ending August 13 shows that leveraged funds hold 86 contracts betting on the yen's appreciation, valued at approximately $7 million. This indicates that speculators are generally preparing for a rise in the yen, marking a sharp shift from the extreme negative sentiment observed in early July. A week earlier, speculative traders held around 20,000 contracts betting on the yen's depreciation. Since early July, these traders have been reducing their short positions. The yen has appreciated by about 9% against the U.S. dollar since early July, outperforming all other G10 currencies.