The USD/JPY ratio functions as a 'fear index' for the last two decades; when carry trades unwind, people become fearful about risk assets, resulting in selloffs.
causalpending
Speaker
Francis HuntEvidence Quote
“we known for referring to the USD JPY as the fear index for the last two decades uh we talk about it so whenever you get an unwind of the carry trade people are becoming afraid uh for the Outlook of uh risk assets so as a result you get a bit of a selloff”
Source
Excessive Global Debt is a Ticking Time Bomb, 'Hold On To Your Gold': Francis Hunt— Commodity CultureCreated: 8/12/2026, 6:44:11 PM
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