Soros pockets $1bn with bet on plunging yen

Hedge fund veteran George Soros has made $1bn betting against the yen since November, profiting from the Bank of Japan (BoJ)'s moves to weaken its currency.

Since November, the yen has dropped 20% against the dollar, following action by the BoJ to ease monetary policy and reflate the economy. Soros has been shorting the yen during the last three months, according to the Wall Street Journal, netting a $1bn profit from the position. Several other high profile hedgies including Greenlight Capital's David Einhorn, have also been shorting the yen in recent months, according to reports, in a trade that has proved lucrative. The BOJ is attempting to achieve an inflation rate of 2%, up from its current target of 1%. The Bank's monetary easing ...