Bank of New York Mellon predicts that Arbitrage trades with the Japanese yen as the financing currency will Close Position, and the yen to 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 shorts will continue for several weeks, and there will be a high Fluctuation in August.