By one measure, the speculative Japanese yen-funded carry trade has been completely unwound.

The latest Commodity Futures Trading Commission data show that hedge funds and speculators have flipped their long-standing short yen position and are now net long of the currency for the first time since March, 2021.

It may have taken a lot in recent weeks to prompt the turn – a hawkish Japanese rate hike, yen-buying intervention and a burst of safe-haven demand amid the historic spike in U.S. stock market volatility early this month – but the flip was quick.