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円のキャリー・トレードは今やリスキー、ＷＳＪのブログ
URLﾘﾝｸ(blogs.wsj.com)
March 1, 2007, 9:47 am
No Longer Carrying the Yen Posted by David Gaffen
In the past few years this trade, in which investors borrow in the low-yielding
currency (the yen) and use the borrowed money to buy assets in higher-yielding
currencies, has become popular. With volatility and Japanese interest rates low and
the yen extremely weak, it was a no-brainer. Today, the dollar is trading at 117.10
yen, down from 118.41 yesterday and from 122 a few days ago ? suggesting that some of
the short-term speculative activity is indeed reversing, in part because when markets
become more volatile, trades like this become riskier.