Binky Chadha and my friend Jens Nystedt of Deutsche Bank think so.In a world where the (net) global flow of capital is increasingly dominated by official flows (Chadha and Nystedt note "emerging mark…

North Korea’s nuclear test.     At least that is an argument for selling yen that has long made a certain amount of sense.  Some other arguments for selling yen are, well, a bit more creative. …

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…

The dollar rallied a bit last week, but nothing like the yen.The Wall Street Journal’s Mark Whitehouse conflates – at least in my view -- deleveraging with safe haven flows.   Deleveraging means that…

Do not let anyone tell you that China's economy requires a stable exchange rate, and consequently, it must remain pegged to the dollar.    China now trades almost as much with Europe as with the US, …