Oh damn! Of course!

How do I borrow yen?

How can this arbitrage exist for 30 years?

Perplexity:

The yen carry trade is a financial strategy where investors borrow Japanese yen at low interest rates and invest in higher-yielding assets elsewhere, such as U.S. stocks or bonds. This trade relies on stable exchange rates and low borrowing costs in Japan. Recently, the strategy faced challenges as the yen appreciated due to rising Japanese interest rates, making it more expensive to repay yen-denominated loans. This led to a market sell-off as investors rushed to exit positions, contributing to significant market volatility[1][2][5].

Sources [1] Explainer: What is the yen carry trade? - Reuters https://www.reuters.com/markets/asia/what-is-yen-carry-trade-2024-08-07/ [2] A popular trading strategy just blew up in investors' faces - CNN https://www.cnn.com/2024/08/07/business/yen-carry-trade-stocks-nightcap/index.html [3] What Is the Japanese Yen Carry Trade? - WSJ https://www.wsj.com/finance/currencies/what-is-the-yen-carry-trade-e5ab9670 [4] What to Know About the Japanese Yen 'Carry Trade' That ... - Barron's https://www.barrons.com/articles/japan-yen-carry-trade-explained-stock-market-crash-cc6ac7ea [5] What are carry trades and how did they contribute to this week's ... https://apnews.com/article/stocks-markets-carry-japan-currency-9611229d14e547e11f7e0299f2a6d00a