https://gyokuro.dev/en/tags/volatility/Recent content in Volatility on Gyokuro Timehttps://gyokuro.dev/images/gyokuro-avatar.pnghttps://gyokuro.dev/images/gyokuro-avatar.pngHugo -- 0.147.9enTue, 09 Jun 2026 08:00:00 +0900https://gyokuro.dev/en/posts/sleeping-market/Tue, 09 Jun 2026 08:00:00 +0900https://gyokuro.dev/en/posts/sleeping-market/<p>Speculative yen shorts have piled up to a record. And yet the options market is pricing the summer as if almost nothing will happen. The two do not belong in the same world.</p> <p>The <a href="https://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm">latest CFTC data</a>, for positions as of 2 June and released on 5 June, put the net yen short held by leveraged funds (futures and options combined) at 105,136 contracts, a further 18,887 deeper on the week. Each contract is ¥12.5m, so the notional yen sold runs to roughly ¥1.3tn. Open interest rose by 89,327 contracts to 559,092. Asset managers are short as well, by 62,814 net: the crowd is not one desk. The powder is close to full.</p>