Big Take Asia Podcast

Carry Trades: How They Work and Why They Rocked Global Markets

On today’s Big Take Asia podcast: how the yen carry trade got so popular, why its unwinding is rattling global markets, and will it…carry on?

Japanese and US Banknotes Amid Pressure on Yen — Photographer: Noriko Hayashi/Bloomberg

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By K Oanh Ha, Jessica Beck, Yang Yang, Naomi Ng, Alexander Sugiura, and Stacey Vanek Smith

September 3, 2024 at 8:32 PM UTC

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They caused global markets to seize up – and raised serious questions about just how much money was at stake. No, we’re not talking about Nvidia’s earnings. Or the US jobs report. We’re talking about carry trades – an obscure part of international markets that’s suddenly less obscure.