Emerging-market carry trades—currency bets that typically involve borrowing in low-yield currencies such as the yen and investing in higher-yield markets—are holding up despite recent setbacks to the strategy, according to accounts from Bloomberg and The Japan Times. Both sources describe carry trading as a widely used foreign-exchange approach this year and note that the yen historically serves as a funding currency because Japan’s interest rates have been near zero for decades. Bloomberg adds that the appeal of yen-funded carry trades has been weakened after joint US–Japan currency intervention, which has dented the yen’s gains. Even so, investors continue to deploy carry strategies, suggesting they are shifting around the yen’s recent moves rather than abandoning the overall approach. Together, the reports frame the current environment as one where yen strength influences FX positioning, but carry trading remains active as market participants find ways to continue the trade despite intervention-related currency impacts.