Currency traders eye yen-selling 'magma' after Ishiba became PM

International investors poised to unleash stores of yen on forex market

20241001N yen dollar banknotes

Investors' net long positions on Japan's currency are at the highest level in years. (Photo by Akira Kodaka)

SHINICHI ARAKAWA, Nikkei staff writer

TOKYO -- The selection of Shigeru Ishiba as Japan's next prime minister has caused the yen to gyrate over the past several days, but signs point to the currency weakening further if international investors decide to unload stockpiles of yen onto the market.

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