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Counterparty Radar: Asset manager’s bets on USD/JPY soured as yen weakened through Q4
Franklin Templeton dramatically shrunk its US dollar/yen foreign exchange options positions during the fourth quarter, after call and put spread trades betting on yen strength in Q3 failed to pay off and led to a drag on results.
The California-based asset manager had built the largest FX options book among US mutual and exchange-traded funds at points over the past two years, often swapping the top rank with Morgan Stanley Investment Management. By the third quarter, its total USD/JPY options
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