Yen-rally sätter fokus på risken för avveckling av carry trades

Yen sinks after Bank of Japan raises rates to 1.25% highest level since 1995.

Hawkish comments by BoJ governor fail to arrest renewed slide in currency after borrowing costs lifted.




Yenens kraftiga uppgång sätter återigen fokus på så kallade carry trades och väcker frågor om huruvida en omfattande avveckling av dessa positioner skulle kunna dämpa uppgången på de globala aktiemarknaderna.

Investerare har länge utnyttjat Japans extremt låga räntor genom att låna billigt i yen och placera kapitalet i tillgångar med högre avkastning, exempelvis amerikanska aktier eller tillgångar på tillväxtmarknader.

En snabbare avveckling av carry trades skulle kunna tvinga fonder att sälja sina mest likvida och lönsamma innehav för att frigöra likviditet, vilket skulle kunna drabba de teknikaktier som drivit årets börsuppgång samt andra tillväxtaktier.
Bloomberg 9/11 2026


Yen Rally Puts Global Stocks on Watch for Carry Trade Unwind
The yen's surge is putting the carry trade back in focus, raising questions about whether a bigger unwind could dent the rally in global stocks.

Investors have long taken advantage of Japan's ultra-low interest rates by borrowing cheaply in yen and pouring the money into higher-returning assets, such as US equities or emerging-market assets.

A faster carry-trade unwind could force funds to sell their most liquid and profitable holdings to raise cash, putting the tech names that have powered this year's equity rally and other high-growth shares at risk.
Bloomberg 9/11 2026

What Are Carry Trades? How does it work? 
According to economic theory, the strategy shouldn’t work at all. So why does it work?


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