carry trade | Anna Coulling

Analysis of the recent USD/JPY moves and the rare joint US-Japan intervention to strengthen the yen. Explains why both Tokyo and Washington are pushing against a very weak yen despite the traditional export benefits: soaring import costs (especially energy and food), rising imported inflation pressure on Japanese households, and the risk of a disorderly yen carry-trade unwind that could force Japan to sell US Treasuries and push global long-term yields higher.

USD/JPY at a Crossroads: Why Tokyo and Washington Are Fighting to Strengthen a “Too Weak” Yen

August 3, 2026 Anna 0

USD/JPY at a Crossroads: Why Tokyo and Washington Are Fighting to Strengthen a “Too Weak” Yen The yen has spent much of 2026 under intense […]

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