ProCap Insights · August 3, 2026
The US Just Bought Yen for the First Time Since 1998, but the Carry Trade Doesn't Look Like It's About to Unwind
Fear headlines say the August 2024 carry-trade unwind is about to repeat as Tokyo and Washington intervene together for the first time in fifteen years. Over three sessions the yen moved 95% as hard as it did in 2024.