Soros makes $1 billion after betting against the yenBy Mason White 11:28 AM February 14, 2013
By: Debbie Gross
After reportedly earning $1 billion by betting against the British pound he now earned $1 billion by betting against the Japanese yen, according to press reports in the United States.
U.S. hedge fund investor George Soros has earned $1 billion in the last few month after betting against the yen, people with knowledge of the position of the company, said.
The yen lost nearly 20 percent against the U.S. dollar between November and early February, picking up speed as the new government of Japan put pressure on the Bank of Japan to ease monetary policy more aggressively to defeat deflation.
Investors have bet against the yen, in various ways, from simple to complex derivative put options, according to reports.
Soros became famous after short selling the British pound many years ago that led to a near collapse of the British economy and profiting $1 billion in the process.