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The Big Picture
The risk of the market getting carried away
Briefing.com Summary:*The yen's 40-year low increases the risk of another carry-trade unwind that could trigger sharp, short-term volatility in global equity markets. *Japanese policy action to support the yen could spark forced deleveraging as investors unwind yen-funded carry-trade positions. *A carry-trade unwind is more likely to create a temporary market disruption than a systemic financial crisis, based on the August...