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Global News : Passport : Ricks : Drezner : Walt : Rothkopf : Lynch
The Cable : The AfPak Blog : Net Effect : Shadow Govt. : Madam Secretary : The Call
Yen soars as the Dow sinks (updated)
Thu, 08/16/2007 - 2:34pm
Back in July, Passport speculated that the yen-carry trade was not sustainable. But I don't think any of us thought it would unravel so quickly. The Dow Jones industrial average sank another 300-plus points this afternoon, but the yen is having a banner day. For those of you who bought Japanese currency last month, congratulations. It was a smart bet.
As for the rest of you investors out there, we feel your pain.
UPDATE: A late rally saves the day!

SAMANTHA SIN/AFP/Getty Images













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