Japan trade captivates macro hedge funds

Japanese parasol
Japan excites macro hedge fund traders

For macro-oriented investors, the trade du jour is undoubtedly Japan where prime minister Shinzo Abe's gambit to reflate the economy with a massive round of quantitative easing has triggered a 30% rally in the Nikkei index and caused the yen to fall more than 10% versus the dollar.

"Japan is the most exciting place to be for a macro investor," commented Michael Novogratz, president of Fortress Investment Group, on a panel at the Salt conference in Las Vegas.

He reckons bets on Japanese stocks an