According to the Bank of America survey, global portfolio managers' bearish sentiment on the yen rose to the highest level in about four years, as the risk of Japan's fiscal and monetary policy prospects overshadowed the possibility of the Japanese government interfering in the foreign exchange market. Bank of America strategists Ralf Preusser, Adarsh Sinha and others wrote in the July 10 report: “Investors' bearishness on the yen exchange rate has reached its highest level since 2022. The main factor driving this view is monetary policy and fiscal policy risk. Meanwhile, according to data from the US Commodity Futures Trading Commission, as of the end of June, speculative leveraged funds held the highest number of yen net short positions since 2007.

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