Yen heads for longest rally in six months as fears rise over U.S. growth

The yen’s summer revival entered a fourth day on Monday, putting it on track for the longest rally since February, as one of the biggest macro trades of the year continues to unwind.

The Japanese currency climbed as much as 1% to just below ¥132 per dollar. Hedge funds are selling down dollar positions and increasingly buying the yen as a haven play, according to Asia-based currency traders who asked not to be named as they’re not authorized to discuss client activity publicly.