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SoftBank outfoxes forex market ahead of ARM deal

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SoftBank Group CEO Masayoshi Son speaks at a new conference in London on July 18.   © Reuters

NEW YORK -- For weeks, forex traders had been scratching their heads over who was buying the pound so heavily and why. Yet few of them saw it coming when SoftBank Group announced on Monday that it will acquire British chip designer ARM.

Last week, an official at a U.S. investment bank specializing in mergers and acquisitions spotted an anomaly in the foreign exchange market. The official immediately issued instruction to find out why Japanese investors were buying the pound in such large quantities.

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