He believes in coming risk-off, and that there will be a deficit of yens due to carry unwind. He shares that the catalyst will probably be Italian bond market collapse or a China crash along with Asian recession. He bought protection on companies with high sensitivity to the yen.
Hugh Hendry is a fund manager at Eclectica Asset Management. He has become prominent in the United Kingdom for his commentary on the financial crisis. Hendry has been referred to as "the most high-profile Scot in the controversial (Hedge Fund) sector."