Yen, carry trade, and global liquidity: in this episode, I connect the Korean tremor, the risk on equity markets, and an old Japanese mechanism. I explain how the yen at around 160 to $1 remains a barometer, why the carry trade finances part of the flows, and how a movement that is too abrupt can strain the entire chain. The anecdote about Mrs Watanabe sheds light on this backdrop: these Japanese retail investors have long influenced the foreign exchange market before becoming a discreet symbol of global finance. Subscribe if this helps.


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Benoist Rousseau
Independent Trader • CME & CBOT Member

About the author
Benoist Rousseau is a trader, member of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), an economic history specialist educated at the Sorbonne and an experienced educator.
In the TRADING series, drawing on over 30 years of experience on CME futures, he shares market session analysis, commented trade replays, psychology and risk management — no signals, no promises, raw and unfiltered trading.


Risk Warning: Trading in leveraged financial instruments may expose you to a risk of loss exceeding deposits and is only suitable for experienced clients who have sufficient financial means to bear such risk. Transactions in foreign exchange instruments (Forex), contracts for difference (CFDs), Futures, Stocks, ETFs... are highly speculative and particularly complex and carry a high level of risk due to leverage. You must ensure that you understand how these instruments work and that you can afford to take the high risk of losing your money. The videos and articles on this site are for educational and informational purposes only and are not investment advice or any inducement to buy or sell financial instruments. Every investor must make their own judgment before investing in a financial product to ensure it is suitable for their financial, tax and legal situation.

Content dubbed from French source via HeyGen.

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