There's panic on Wall Street and around the world today, and it's not bad economic news or a terrible earnings report that's at fault. Instead, it's a highly leveraged yen "carry trade" that has led ...

Hedge funds and other large institutional traders have put on what's known as the yen carry trade. It works like this: Borrow yen at a low interest rate. Convert yen to another currency, often U.S.

Stephen Jen of Morgan Stanley insists not-so-big. Or at least that the large size of the carry trade cannot be proved – and that the impact of any recent unwinding has been overstated. That is his ...