
Hedge funds' net short yen positions fell to about 14,000 contracts by October 27, roughly one-eighth of the late-June peak. The report says structural yen selling persists due to higher crude prices, overseas investment, NISA inflows and the digital deficit.
USD/JPY traded in a narrow 2.87-yen range in October, the smallest in 4.5 years.
Higher crude import costs keep pressure on Japan's currency, which raises the yen cost of imported feed grains and meal, but the story describes positioning rather than a new shock.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.