George Soros has made almost $US1 billion($970 million) since November from bets that the yen would tumble, according to a person close to the billionaire’s $US24 billion family office.
The Japanese wager helped the firm return about 10 per cent last year and 5 per cent so far this year, said the person, who asked not to be named because the firm is private. The yen has weakened 17 per cent versus the dollar since about the start of the fourth quarter, the worst performance over a similar period since 1985.
The yen slumped and Japanese stocks rallied last week as Prime Minister Shinzo Abe pressed the Bank of Japan to introduce additional stimulus measures. The bank’s governor, Masaaki Shirakawa, and two deputies will step down next month, allowing Mr Abe to pick leaders to implement his plan for expanded monetary easing.