George Soros’ hedge fund has been placing bets in Japan, “shorting the yen and snapping up local stocks” Friday, MarketWatch reports, citing a recent Dow Jones Newswires report.

Japan’s Nikkei 225 index has been through a rough couple of months, and apparently Soros thinks now may be a good time to move in:

George Soros Is Investing in Japanese Stocks in a Big Way

The Nikkei (year-to-date).

“Soros returned to the market following some signs of stability in the Japanese bond market,” the report continued, quoting a source familiar with the situation.

“The person said that while the sharp recent fall in Japanese equities was a ‘surprise,’ the current level of stocks was ‘very attractive’ as economic data and earnings were expected to pick up,” the report adds.

Japan’s leading index lost 0.2 percent Friday to close at 12,877.53 even after the yen climbed against the dollar.

George Soros Is Investing in Japanese Stocks in a Big Way

This JPY-USD exchange rate chart shows the yen’s fall when compared to the U.S. dollar.

“That pummeled Japan’s exporters, which generally welcome a weaker currency to make products more competitive overseas,” the Associated Press reports. “The yen on Friday strengthened against the dollar, which was 0.25 percent lower at 97.48 yen. The euro was down 0.2 percent at $1.3221.”

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