Salarymen scrolling through their phones on the subway are a common sight in Tokyo, but they aren’t all playing Pokémon Go – many are on trading apps, aggressively buying and selling the yen to profit from short-term swings.
Retail currency traders are having a field day as speculation mounts that the Bank of Japan is getting closer to raising its rock-bottom interest rates, with some betting on a move as soon as next week. The cohort of mainly middle-aged men is amplifying volatility in the fast-paced currency markets by seizing on intraday moves in a departure from their previous focus on interest rate differentials.
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