Japanese retail traders are shorting the dollar

Japanese retail investors are increasingly betting against the U.S. dollar.
Net dollar short positions held by Japanese retail traders have reportedly reached $17.2B, the highest level since records began in 2008.
That figure has more than quadrupled month-over-month.
The trade reflects rising expectations that Japanese authorities will continue supporting the yen through intervention.
Japan’s Ministry of Finance reportedly spent about $73.6B to support the yen between April 28 and May 27, yet the yen still fell more than 4% from its May high.
For $USDJPY, retail traders are betting the dollar rally is running out of room.