Yen's changing fortunes might finally be spooking the bears

The yen has suddenly bounced — roughly a 2% gain this week — after hitting four-decade lows as big short positions come under pressure.
A likely BOJ rate hike and growing repatriation of Japanese money (plus unwind of yen-funded carry trades) are shifting flows back into the currency.
Rare U.S.-Japan intervention and softer U.S. rate bets have narrowed the rate gap that long fueled yen weakness.