# Yen & carry trade — PENDING
id yen-carry · Markets · horizon acute · checked — · at this level since — · stale after —
Assessed by an AI model (Anthropic Claude) against published rubrics; not a forecast or advice · CC BY 4.0 · https://canary.danleech.com/s/yen-carry

Not assessed yet; the next scheduled run will rate it.

Why it matters: Cheap yen borrowing funds positions worldwide; a sharp yen rally forces those trades to unwind, as in the global sell-off of August 2024.
What moves it: Bank of Japan policy, the US–Japan rate gap, JGB yields, currency intervention, risk appetite.

Rubric — Alert: A move of more than 5% in a week or 10% in a month, with stress spreading to other markets. | Watch: A 3–5% move in a week, a 6–10% move in a month, or Japanese currency intervention. | Normal: The yen moves less than 3% against the dollar in a week and less than 6% in a month.