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here's my question, according to the BIS' latest triennial survey, average daily volume in JPY, across all products, is ~$1.2 trillion. why does anybody think that the carry trade was closed out in the course of 3 days? it took at least 2 years to build it up, from the time the Fed started hiking rates. and spot USDJPY was 115 or so when it started. while late players to the game may have been caught out, I would contend there is still trillions left in place.

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