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Soros Said to Make $1 Billion Since November on Yen Bet

Posted By admin On February 15, 2013 @ 7:07 am In Money Watch | Comments Disabled

Katherine Burton
Bloomberg [1]
Feb 15, 2013

George Soros made almost $1 billion since November from bets that the yen would tumble, according to a person close to the billionaire’s $24 billion family office.

The Japanese wager helped the firm return about 10 percent last year and 5 percent so far this year, said the person, who asked not to be named because the firm is private. The yen has weakened 17 percent versus the dollar since about the start of the fourth quarter, the worst performance over a similar period since 1985.

The yen slumped and Japanese stocks rallied as Prime Minister Shinzo Abe pressed the Bank of Japan to introduce additional stimulus measures. BOJ Governor Masaaki Shirakawa and two deputies will step down next month, allowing Abe to pick leaders to implement his plan for expanded monetary easing.

Scott Bessent, chief investment officer at New York-based Soros Fund Management LLC, also has 10 percent of the firm’s internally managed portfolio betting on rising shares in Japan, said the person. Japan’s benchmark Nikkei 225 stock index has jumped about 28 percent since the end of September.

Full article here [1]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/news/2013-02-14/soros-said-to-make-1-billion-since-november-on-yen-bet.html

[2] Scavenging Soros: Market Speculator Buys Up $2 Billion Of MF Global’s Debt: http://www.prisonplanet.com/scavenging-soros-market-speculator-buys-up-2-billion-of-mf-globals-debt.html

[3] November Budget Deficit $150.4 Billion, Worse Than $138 Billion Consensus, Biggest November Deficit On Record: http://www.prisonplanet.com/november-budget-deficit-150-4-billion-worse-than-138-billion-consensus-biggest-november-deficit-on-record.html

[4] Soros to Invest $1 Billion in Clean Energy, Form Advisory Group: http://www.prisonplanet.com/soros-to-invest-1-billion-in-clean-energy-form-advisory-group.html

[5] George Soros Stands To Gain Millions From His Purchase Of MF Global Bonds: http://www.prisonplanet.com/george-soros-stands-to-gain-millions-from-his-purchase-of-mf-global-bonds.html

[6] Soros Privately Doubled Gold Investment While Publicly Trashing Precious Metal: http://www.prisonplanet.com/soros-privately-doubled-gold-investment-while-publicly-trashing-precious-metal.html

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