carry trade

Dollar carry trades hit longest winning streak since 2008

Investors borrowing in US dollars to chase higher yields in emerging markets have racked up their longest winning streak since the 2008 financial crisis, a run underpinned by unusually subdued currency volatility and wide interest-rate differentials that show few signs…

Swiss franc emerges as carry trade alternative after US-Japan yen intervention

The Swiss franc is emerging as a leading alternative funding currency in global carry trades after the rare joint intervention by the United States and Japan to prop up the yen earlier this month sent ripples through foreign exchange markets.

Carry traders reload yen shorts as $87B intervention fades

The historic joint U.S.-Japan currency intervention that shook foreign exchange markets at the end of July is already losing its grip. Less than two weeks after authorities deployed an estimated $87 billion to defend the yen, the currency has retraced…

Yen strengthens as carry trades unwind amid US rate volatility

The Japanese yen has gained ground against the US dollar as rising volatility in American interest rates pushes investors to unwind carry trades and seek safety in the traditional haven currency, according to an analysis from BNY Mellon The Bank…

Hedge funds slash yen short bets after US-Japan intervention

Hedge funds sharply reduced their bearish wagers against the Japanese yen following a rare coordinated intervention by the United States and Japan, easing fears of an imminent repeat of the market turmoil that rocked global assets in mid-2024.

Gold, silver post best week of 2026 as Bitcoin lags behind

Gold and silver surged to multi-week highs this week, posting their strongest weekly gains of 2026, while Bitcoin barely budged. By Friday, gold traded near $4,323 an ounce, up roughly 7% on the week, and silver climbed approximately 14% to…

Apollo says yen carry trade has broken down since 2025

The decades-old relationship between the Japanese yen and the US-Japan interest rate gap has collapsed, according to Apollo Global Management, with the currency now driven by Tokyo's fiscal trajectory rather than yield spreads.

Carry trade survives US-Japan intervention as investors shift to new currencies

The first joint U.S.-Japan currency intervention in over a decade sent the yen surging nearly 5% in a matter of days, but the global carry trade it was meant to disrupt is proving stubbornly resilient — with investors simply rotating…

Bitcoin drops as US-Japan yen intervention sparks carry trade unwind fears

Bitcoin dropped more than 2% on Sunday as a confirmed joint US-Japan currency intervention sparked fears of a carry trade unwind, sending tremors through risk assets including cryptocurrencies.

Japan to announce joint yen intervention with the U.S.

In what market sources described as an unprecedented coordinated move, Japanese and South Korean authorities intervened in foreign exchange markets late on July 30, selling dollars to support their currencies, with growing evidence that the United States participated in the…

Japan’s surging bond yields test global markets ahead of central bank decisions

Japan's 10-year government bond yield hit 2.90% in early July — its highest level since September 1996 — before easing to around 2.77% on July 27, as a confluence of Bank of Japan policy normalization and fiscal expansion under Prime…

Yen stuck near 40-year low even as oil tumbles on Iran pause

The Japanese yen remained pinned near a four-decade low on Monday, trading around 162-163 per dollar, even as oil prices tumbled and the dollar weakened broadly following a pause in U.S. strikes on Iran. The muted yen response underscored growing…

Yen rallies as Japan urges pension funds to invest more at home

The Japanese yen rallied sharply on Friday after Finance Minister Satsuki Katayama said Japan is considering ways to encourage pension funds, including the world's largest, to increase their holdings of domestic financial assets. The move sent USD/JPY tumbling below the…

Fed minutes reveal deep rate divide as yen holds near 40-year lows

The Japanese yen is trading near 40-year lows against the U.S. dollar, hovering around 162 per dollar as of this week, after breaching that level on June 30 for the first time since December 1986. The decline has been driven…

Yen slides back toward 162 despite 30-year high bond yields

The Japanese yen weakened back toward the 162 level against the U.S. dollar on Sunday, even as benchmark 10-year Japanese government bond yields climbed to around 2.83% — their highest in roughly three decades — confounding the textbook expectation that…

Hedge fund yen short bets hit highest level since 2007

Hedge funds have amassed their largest bearish bet against the Japanese yen in nearly two decades, as the currency slides to levels not seen since 1986 amid a widening interest rate gap between the United States and Japan.

Yen short squeeze risk grows as Japan’s flows turn supportive

The conditions for a disruptive reversal in yen carry trades are intensifying, with Japan's trade and investment flows turning positive, speculative short positions at their highest in nearly a decade, and the currency trading at what analysts describe as the…