Japanese yen COT report this week
Where large speculators stand in CME Japanese yen futures (12.5 million yen per contract), with the last 52 weeks and what it means for USDJPY. Built from the CFTC report every Friday.
Sign in with Google in the app or the web terminal. No card needed.
QR code, size and install stepsThe last 52 weeks
Weekly net position of large speculators (non-commercial longs minus shorts); the dashed line is zero. Positions on 27 Oct 2026, published on 30 Oct 2026.
What it means for USDJPY
USDJPY is quoted the other way round to the future. The CFTC counts yen futures, so speculators who are net long the yen hold a position that gains when USDJPY falls, and a growing net short in yen is the futures side of a rising USDJPY.
The yen is the market's favourite funding currency. While Japanese rates sit far below US rates, traders borrow yen to hold higher-yielding assets, and the futures position shows how crowded that carry trade has become. A deep net short is normal for the yen; the risk lies in how quickly it can unwind when the Bank of Japan or US yields surprise.
When the next report comes out
The CFTC publishes on Friday at 3:30 pm New York time (Fri 6 Nov): that is Sat 7 Nov, 1:30 AM PKT in Pakistan and Sat 7 Nov, 2:00 AM IST in India. The positions it shows are from the Tuesday before.
Get the COT report every Saturday on Telegram → t.me/icccharts
Questions
Why is the yen position so often net short?
Because the yen pays little interest. Selling yen futures is a simple way to fund carry trades, so speculators stay short for long stretches and the interesting part is how the short changes.
Does a record yen short mean a turn in USDJPY is near?
Not by itself. An extreme shows a crowded side, not a date. The unwind usually needs a trigger such as a Bank of Japan move or a drop in US yields, and it can come months later.
Which yen contract are these numbers from?
CME Japanese yen futures, 12.5 million yen per contract, from the CFTC legacy futures-only report: the non-commercial (large speculator) long and short positions.
Sign in with Google in the app or the web terminal. No card needed.
QR code, size and install steps