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Australia's second-biggest pension fund bets big on the Japanese Yen

Australian Retirement Trust, which manages about A$350-370 billion, has made its largest bet on the Japanese yen in years. The fund thinks traders are not fully appreciating the Bank of Japan's resolve to continue increasing interest rates. The bet on the yen is a deliberate shift away from the US dollar, with the fund also increasing its holdings in Japanese financial stocks since March 2026.

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