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Core Viewpoint - Hedge funds are increasingly betting on the strengthening of the Japanese yen, adopting a "buy Japan" strategy, despite strong U.S. employment data that has diminished expectations for a Federal Reserve rate cut this year [1][2]. Group 1: Market Trends - The Japanese yen has experienced four consecutive days of gains against the U.S. dollar, resisting upward pressure on the dollar following the release of the non-farm payroll report [1][2]. - Hedge funds had rebuilt short positions on the yen ahead of the Japanese House of Representatives election, betting on the ruling Liberal Democratic Party, led by Prime Minister Fumio Kishida, to win and pursue expansionary fiscal policies [1][2]. Group 2: Options Market Activity - According to data from the Depository Trust & Clearing Corporation (DTCC), the trading volume of put options on USD/JPY with a nominal amount of $100 million or more was approximately 50% higher than that of call options [1][2]. - The premium for one-month expiry put options on USD/JPY relative to call options has risen to its highest level since February 2 [1][2]. Group 3: Expert Insights - Antony Foster, head of G-10 currency trading at Nomura International, noted that interest in betting on a weaker USD/JPY is increasing among hedge funds, with additional demand for buying yen against currencies like the Australian dollar and Swiss franc [1][2]. - Nathan Swami, head of Asia-Pacific foreign exchange trading at Citigroup in Singapore, indicated that the yen's rebound coincided with the unwinding of short-term long positions on USD/JPY before the U.S. employment report, leading hedge funds and asset management companies to sell this currency pair [3].