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08/31/2026 Pay attention to what is happening beneath the surface. Treasury Secretary Scott Bessent recently warned that disorderly moves in the Japanese yen could force leveraged positions to unwind and potentially create instability across global financial markets. This matters because the yen has historically been used as a cheap source of funding for the carry trade. Investors borrow in yen and deploy that capital into higher yielding assets around the world. When that trade reverses, liquid
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