The country’s government has successfully issued low-coupon JGBs for years to a domestic audience that appreciates that a yield is a yield. So it is perhaps not too surprising to hear that the GBP/JPY carry trade appears to have come back into favour.
BNP Paribas this week reported that volume data from Japanese trading platform Gaitame showed that retail players were piling back into GBP/JPY – 63.2% of GBP/JPY positions are now long, up from a low of 39.4%
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