NAV 115.0 12Feb

bought 0.25m gbpjpy 146.415 : rebuilding yen short on today's weakness. I think headline dips in yen crosses are buying opportunities for the next few weeks, unless positioning is at extremes, which isn't the case at the moment. This is very much a toe-in-the-water position, which could be increased several-fold if necessary. On balance I prefer the Nikkei trade for Japanese reflation (since the Govt is starting to jawbone it higher), so this position is just to make sure that I buy gbpjpy after a selloff rather than after a huge up-day.