One, its not that 50 cent, or Fiddy Cent, or whatever you want to call him.
And two, its not a short yen bet. I say that ’cause once the celebs jump on board its pretty much over.
Anyway:
- Ruffer Investing, with the nickname “50 Cent,” is betting big on the Japanese yen.
- Chairman Jonathan Ruffer said in a letter earlier this month that he expects a major reversal.
- “With currencies, it is always dangerous to try to anticipate a change of direction, even when the fundamentals cry out for it, and our performance has suffered accordingly,” he wrote. “We believe the yen is oversold for technical reasons and that, when these dissipate, it is likely to move sharply higher. Moreover, when it does, it is likely to be concertinaed into a brisk uncontrollable move upwards.”
The Financial Times and various outlets have picked it up.
USD/JPY update: