The Japanese yen is experiencing an unwinding of carry trades, causing significant market fluctuations. Carry trades involve borrowing in a low-interest currency like the yen to invest in higher-yielding assets elsewhere. As investors unwind these positions, it can lead to increased volatility and changes in global markets.

Source: https://www.bloomberg.com/news/audio/2024-08-11/what-s-happening-in-em-unwinding-of-yen-carry-trades-podcast