Citigroup withdraws long yen recommendation after Japanese intervention

The team, including Dirk Willer and Adam Pickett, initiated this trade on April 1, when the yen exchange rate was around 158 yen per US dollar. The suggestion was based on expectations that Japan might intervene in the foreign exchange market, and that oil prices would fall as tensions in the Middle East eased. These strategists exited the position on Thursday after Japan's intervention pushed the yen higher to below 157 yen per US dollar. According to a report by the strategists, the trade recorded a profit of approximately 0.17%.