Satyajit Das, a former banker, is the author of "Traders, Guns & Money," "Extreme Money" and "A Banquet of Consequences: Reloaded"
The yen carry trade involves borrowing yen at Japan's ultralow interest rates to invest in higher-yielding foreign assets. The recent unwinding of these trades, estimates of which range from $4 trillion to $20 trillion, has fueled market instability.
