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Speculators smell stronger yen ahead

ETFs betting against currency lose out as reflation trade sputters

TOKYO -- Speculators are pulling away from exchange-traded funds that profit from a weak yen, seeing strength ahead for the Japanese currency as doubts emerge over U.S. policy.

ProShares UltraShort Yen, a U.S. ETF betting against Japan's currency, is seen as a weathervane for the sentiment of hedge funds and other short-term investors. Net assets have shrunk to $224 million, the lowest since last July, when the yen traded at around 105 against the greenback.

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