Beware the return of the yen carry trade

Lessons from the great unraveling that fueled market instability

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20240920 Yen

The roots of the yen carry trade trace back to the early 1990s, when the Bank of Japan responded to the bursting of Japan's economic bubble. (Photo by Arisa Moriyama) 

Satyajit Das, a former banker, is the author of "Traders, Guns & Money," "Extreme Money" and "A Banquet of Consequences: Reloaded"

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