According to CoinMeta, as the yen has rebounded, the bearish stance of Japanese retail investors has not wavered; instead, they have increased their short positions in the yen. Data from the Japan Financial Futures Association and the Tokyo Financial Exchange shows that last week, Japanese retail investors held approximately 3.61 trillion yen (equivalent to 23.5 billion US dollars) in net short yen positions, an increase from August. In July, yen short bets reached 4.41 trillion yen, the highest level since 2015. A senior strategist at Sumitomo Mitsui Banking Corporation, Masayuki Nakajima, stated that if the yen continues to appreciate, these retail investors may be forced to close their long positions in US dollars, further fueling the yen's upward trend.