Hedge Funds Cover Yen Shorts as Currency Hits Low

During early activity today, the Japanese yen slid to its lowest level since June 2009 against the US dollar; Japanese Yen traded to a low of 98.85. The weakness is is a result of recent action from the Bank of Japan’s first round of unlimited monetary easing April 4 by buying 1.2 trillion worth of debt. The yen may soon slide past the 100 USD, a strategic area, as BoJ fuels up its 130 trillion yen stimulus program. The yen hitting new lows, may not have been the best news for the hedge funds who had covered their shorts in…