This isn’t as important as the Olympics, but some pals have been asking me, “What is the yen carry trade?” and " Why did it affect world equity and currency markets so dramatically last week?”
So I’ve answered with: As far as the eye can see, investors (defined here as the world’s largest financial institutions (i.e. JPMorgan, Deutsche Bank, Goldman Sachs, Mitsubishi Mistui, Citadel, and your profe…