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CFTC: Traders Turn Bullish on Yen for First Time in 2025

Traders flipped to a net bullish position on the Japanese yen in the week of September 15, the first time in 2025.S. Commodity Futures Trading Commission positioning data. The shift marks a reversal in speculative futures positioning after the yen had been sold against the dollar through most of the year.

Original source

AI take

The significance here is positioning, not price: speculative futures accounts spent most of the year leaning one way on the yen, and that consensus has now flipped. CFTC data captures only the leveraged, speculative slice of the currency market, so it speaks to sentiment among trend-following accounts rather than to broad capital flows. The open question is whether this marks the start of a durable repositioning or a single-week swing that unwinds just as quickly; follow-through in the next few reporting periods will be the tell.

Generated by AI for reference only.

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