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Yen shoots for best month in years as shorts scarper

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Reuters UK

By Tom Westbrook and Kevin Buckland SINGAPORE/TOKYO (Reuters) – The Japanese yen headed toward its best month in almost three years on Friday as growth worries have driven U.S. yields sharply lower and squeezed speculators out of crowded short yen positions. Waves of buying lifted the yen about 1% in the Asia session, extending Thursday’s gains. It is up 2% for July and touched 132.76 per dollar, a six-week high. The yen often tracks moves in Treasury yields, particularly the 10-year yield. A wide gap against anchored Japanese yields has made it attractive for Japanese investors to own U.S. bo…

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