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What’s Next for the Japan Trade?

Hedge funds putting on the short yen/long Nikkei trade made a handsome profit until Bernanke started hinting at Fed tapering, causing an abrupt reversal of those gains. Is the trade over, or does it have room to run?

Is the great Japanese play of 2013 over? A fleeting trend? Kaput? This is the big question that macro investors and others have been pondering since May 22, when U.S. Federal Reserve Board chairman Ben Bernanke hinted that the Fed may slow down its purchases of government bonds sooner than investors

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