Japan's yen has diverged from other currencies over the past few weeks, strengthening against the dollar. That suggests more carry trading dynamics, an interplay between different versions of them. Yes, there is more than one carry trade and understanding the distinctions is key to getting a sense of possible vulnerabilities here.

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Reuters Explainer: What are Japan's tactics based on latest suspected intervention?
https://www.reuters.com/markets/asia/what-are-japans-tactics-based-latest-suspected-intervention-2024-07-18

BIS Bulletin The market turbulence and carry trade unwind of August 2024
https://www.bis.org/publ/bisbull90.pdf

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