After the Bank of Japan’s (BOJ) surprise move, speculators’ short positions against the yen are dwindling.

While the yen has lost its popularity among investors using the buggy method, the number of net short positions taken against the yen between Tuesday, December 20, and Friday, December 23, when the Bank of Japan (BOJ) made its surprise move, is 8,000, according to data from the US Commodity Futures Trading Commission (CFTC). It fell by 274 to 13,207, the lowest level since August.

Although the yen has lost nearly 1% against the dollar since Dec., Analysts predict that the yen will strengthen further in a scenario where the Bank of Japan moves away from its near-zero interest rate.

This year, many central banks have increased interest rates aggressively due to inflation, while the BOJ has kept interest rates below zero.

The surprise decision of the BOJ does not mean it has abandoned its policy of keeping interest rates low. However, many interpret this move as a sign of a change in the interest policy.