Yen slides to record low against euro

Traders have indicated the multi-billion dollar carry trade, which has had several setbacks this year, has further to run after the yen hit a record low against the euro this morning.

The carry trade describes activity in which investors borrow in low yielding currencies to invest in higher yielding ones. The aim is to capture the difference between the rates - which can often be substantial, depending on the amount of leverage the investor chooses to use.

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Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a BillionaireExternal link

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