Carrying a mixed bag
TOKYO - Sell-off in Asian and European stock markets led to continued unwinding of yen carry trades, pushing the yen higher against major currencies at the beginning of last week. However, last Tuesday's surprise 75 basis point interest rate cut by the US Federal Reserve sparked a mid-week rally of carry trade funding currencies. The interest rate reduction prompted investors to resume buying higher-yielding assets funded in yen, agreed analysts. However, the longer-term impact of the interest
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