Citigroup strategists closed a long yen‑dollar trade after Japan’s intervention, taking ~0.17% profit.
The trade was opened on April 1 at ~¥158/$, based on expected intervention and easing oil prices.
Strategists cited higher‑for‑longer oil prices fueling reflation fears and added a small underweight position in Japanese bonds.
The team, led by Dirk Willer and Adam Pickett, highlighted lingering fiscal risks in Japan.