Bloomberg – Charlie Chan, a former Credit Suisse Group AG proprietary trader who now runs his own hedge fund, is looking to get out of his position selling the yen.
Japan’s currency, which slumped to a seven-year low of almost 119 per dollar yesterday, is unlikely to extend its slide to 125 as traders seek to take profits on their short positions, said Chan, the founder of Singapore-based Charlie Chan Capital Partners Pte. His Splendid Asia Macro Fund returned almost 20 percent this year, as investments in currencies, bonds and stocks in Asia paid off, he said.
