CFTC data show leveraged funds reduced net short JPY positions by 74,440 contracts over the five weeks to Aug. 4, leaving a net short of 63,600 contracts — the largest reduction in shorts since the 2008 financial crisis. At end-June leveraged funds held a net short of 138,000 contracts, the largest since 2007. The adjustments followed the first coordinated U.S.-Japan FX market intervention in 15 years.