New York Mellon Bank predicts that Arbitraj trades financed in Japanese yen will close the position, and the Japanese yen to US dollar exchange rate may rise to the 100 level. Investors are overly bearish on the yen, and short positions continue to decrease. The yen is too cheap, and the fair value should be closer to 100. It is expected that the pain of short positions will continue for several weeks, and there will be high volatility in August.