The carry trade, analysts and policymakers complained, had driven the yen to unnaturally low levels.

分析师和决策者抱怨，利差交易已使日元降到非自然的低水平。

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What is more, a powerful resurgence in the carry trade seems unlikely.

更甚者，利差交易不太可能会有强有力的复苏。

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Nobody really knows how big the carry trade is.

套息交易的规模到底有多大无人知晓。

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Interest rates of 11.75% in Brazil make for an attractive carry-trade for Japanese banks, who can borrow money at near-zero interest rates and invest in Brazilian government bonds or bank deposits paying double digit yields.

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Mechanically, the extra liquidity has been finding its way into risky assets via the carry-trade.

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The US is the top destination of the Japanese carry-trade, accounting for 35.5% of Toshin fund holdings.

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