Hedge funds are now positive on Japanese equities for the first time since November, after betting heavily on the sector following the massive earthquake, which triggered a 11% one-day crash in the Japanese stock market.

Prior to the earthquake on March 11, hedge funds had been using futures contracts to mainly bet that that the Nikkei 225, the index for the Tokyo Stock Exchange, would fall, according to French bank Societe Generale in its latest update on the hedge fund sector.