Is the Yen Carry Trade Dead? Investors Split

[bonk]

Analysts are divided on how much risk the BoJ shift really poses. Some call the policy change a “canary in the coal mine,” warning that tightening across Japan, the U.S., and China could accelerate global deleveraging.
Others, like Bob Elliot, argue the yen carry trade is already muted and far smaller than traders assume. Even so, any unwind—big or small—could pressure leveraged crypto positions and fuel volatility into early 2026.

[Abdul Khan]

The split sentiment shows how uncertain global macro conditions are right now.