Speculators moved to a net long yen position for the first time since February, underscoring stronger momentum behind Japan’s currency. CFTC data showed non-commercial yen futures positions at 10,796 contracts net long as of September 8, reversing 92,227 contracts net short a week earlier. Long positions rose more than 50% to 178,791 contracts, while short positions fell nearly 20% to 167,995. The shift coincided with expectations of faster Bank of Japan rate hikes, official signals favoring a correction of yen weakness and possible repatriation of overseas assets by Japanese investors. The dollar-yen rate reached 152.89 on September 8, the yen’s strongest level since February 17, before trading near 153.68 at 4:15 p.m. New York time on September 12. Speculative currency traders cut dollar-long positions for a sixth straight week to $19.4 billion. Bessent subsequently signaled support for a stronger yen, though investors remain uncertain whether his remarks will result in policy action. The yen had weakened to 163.99 per dollar in July before Tokyo and Washington intervened in the market.