US Rates Are at 5%. So Why Is the Yen Carry Trade the Real Risk?

The rate gap looks like a comfortable cushion, but it's the speed of the yen that decides whether carry trades survive. The August 2024 playbook, replayed against 2026's higher-rate world, points growth investors to USD/JPY, Japanese rates and volatility together, not the Fed alone.

MacroSeptember 20, 2026