Urgent! The yen has been hit by an air raid! How much impact has it had? Currently, the degree of short selling in the yen is comparable to the eve of the financial crisis. According to the latest data released by the US Commodity Futures Trading Commission, the net short positions in Japanese yen held by global hedge funds and asset managers rose to 148388 in the week ending April 2, the highest level since January 2007. At the market level, the Japanese yen is facing enormous depreciation pressure, with the US dollar/yen exchange rate approaching its lowest point in 34 years and also approaching the possible intervention line of the Japanese Ministry of Finance. The sharp decline of the Japanese yen may be a typical "microcosm" of the current global exchange rate market. Recently, other non US currencies such as the Korean won, Swiss franc, and Indonesian rupiah are also facing significant depreciation pressure. Analysts point out that the main reason behind this may be the sustained strength of the US dollar and the sharp decline in expectations of the Federal Reserve's interest rate cut.