# Surging yen upends popular global FX carry trades | Reuters

> A surging yen forced investors to unwind popular carry trades that borrow in low-yielding currencies such as the yen and invest elsewhere. The sharp yen rally hit positions across global FX markets. The move reflected traders reassessing rate differentials after central bank signals.

- Date: 2024-07-29 · published 2024-07-29T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/9352-surging-yen-upends-popular-global-fx-carry-trades-reuters
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Sharp FX swings and risk-off unwinds raise volatility in dollar-denominated commodity markets and can shift the cost of imported feed for Asian buyers, though direct grain price effects are usually modest.

## Read by commodity

- DXY: bearish ▼
- USDJPY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-03-05 | [Euro surge has traders burning parity bets as Europe ramps up spending \| Reuters](https://feedsoft.ai/events/5798-euro-surge-has-traders-burning-parity-bets-as-europe-ramps-up-spending-reuters.md) | -1.5% | -1.2% |
| DXY | 2024-07-24 | [Dollar falls, short yen trades squared ahead of BOJ and Fed meetings \| Reuters](https://feedsoft.ai/events/29461-dollar-falls-short-yen-trades-squared-ahead-of-boj-and-fed-meetings-reuters.md) | +0.7% | -1.3% |
| DXY | 2025-11-25 | [US dollar slumps as data backs Fed rate cut view; traders on yen alert \| Reuters](https://feedsoft.ai/events/21876-us-dollar-slumps-as-data-backs-fed-rate-cut-view-traders-on-yen-alert-reuters.md) | -0.6% | -1.8% |
| DXY | 2024-08-08 | [Fed easing bets, carry trade unwind turn analysts bullish on Asian currencies \| Reuters](https://feedsoft.ai/events/29076-fed-easing-bets-carry-trade-unwind-turn-analysts-bullish-on-asian-currencies.md) | -0.9% | -0.9% |
| DXY | 2026-02-11 | [Euro and yuan global ambitions hasten the dollar drop \| Reuters](https://feedsoft.ai/events/20808-euro-and-yuan-global-ambitions-hasten-the-dollar-drop-reuters.md) | +0.3% | +1.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/surging-yen-upends-popular-global-fx-carry-trades-2024-07-29/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.