CFTC data: speculator JPY long open interest on CME currency futures was 178,791
contracts as of the 8th, the highest since December 2025 (nine-month high), up
61,600 contracts week-on-week (+53%). Speculative yen buying has surged on the
CME; such positions often reverse quickly, posing a constraint on further yen
appreciation and dollar weakness. Rising oil prices and firmer US rate-hike
expectations have also begun to sap the yen-buy/dollar-sell momentum.