The yen is surging. Here’s how it could hit portfolios around the world0

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• September 9, 2026

The Japanese yen is surging, reviving an uncomfortable memory for investors: the carry-trade turmoil of the summer of 2024. Early on Wednesday, a dollar bought about 153 yen, about 4% fewer than at the start of the month and 2% fewer than at the start of the year as the Japanese currency strengthened. The currency