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Just a reminder: there isn't a single definition of the yen carry trade. It was many things -- foreign speculators borrowing yen, but also Japanese investments underhedging the foreign assets they hold v yen liabilities. 1/ <a target="_blank" href="https://twitter.com/jameslavish/status/1831140417632710976" color="blue">x.com/jameslavish/st…</a>
For most of the last 2 years Japanese investors hedging a dollar book have had funding costs of close to 6% - the natural response for those who didn't have to fully hedge was to reduce their hedge ratio (hedged assets lost money, unhedged assets made money on yen weakness) 2/
So there are in my opinion a set of investors, typically Japanese investors, who still need to close their open long dollar/ short yen positions at some stage -- i.e. pay up for a hedge on their currently unhedged foreign holdings. 3/3
