Wild fluctuations in the Japanese yen over the past few days have been frightening, Dennis Gartman of The Gartman Letter said Wednesday.
"I haven't seen action like this since the days of Russian problems back in '97," he said. "These are scary times. I've been trading foreign exchange for a long time. These things frighten me, and I've got to tell you: I'm cutting my positions way down just because of the volatility's so large."
On CNBC's "Fast Money," Gartman said that he had backed off moves of $2 million to $5 million in the yen trade, opting for smaller $500,000 to $1 million "just to keep the volatility to something that is reasonable."
"I mean, these are very scary times," he added.
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