Yuan Confusion Played Perfectly by Japan’s Yen Trader Crowd
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As the shock of China’s decision to devalue the yuan rippled across the globe, at least one group managed to make a profit: Japan’s retail foreign-exchange traders.
When the greenback surged to a two-month high against the yen in the hours after Tuesday’s surprise move from the People’s Bank of China, individuals in Japan decided to sell the dollar rally, according to data from Gaitame.com, a major Tokyo broker. And they picked the bottom for the dollar on Wednesday, buying back the currency after its steepest drop in a month.