The great dollar-yen unwind is under way, with the combined shift to much more dovish Fed-easing prospects and more hawkish BOJ expectations the perfect trigger to the unwind of the yen carry trade. Audrey Childe-Freeman, Bloomberg Intelligence's chief G-10 FX strategist, talks to BI's Chief Asia FX and Rates Strategist Stephen Chiu about what is still a negative dollar-yen narrative, while acknowledging that the pace of the recent moves have been extreme and aren't likely to be sustained.

Stephen and Audrey also look at the implications of recent yen moves for yuan dynamics and revisit their BEER model, highlighting its useful reference at a time of extreme FX moves.