According to CoinMeta, following recent interventions in the foreign exchange markets of the US and Japan, hedge funds are rapidly closing their short positions in the Japanese yen. Data from the US Commodity Futures Trading Commission (CFTC) shows that within five weeks as of August 4th, the net short positions in yen by leveraged funds decreased by 74,440 contracts to 63,600 contracts. This represents the largest reduction in short positions since the financial crisis of 2008. By the end of June, leveraged funds held 138,000 net short contracts, the highest level since 2007. This is the first time in 15 years that Japan and the US have taken coordinated foreign exchange market intervention actions.