—
C+
C+ The full Closelook — membership. Open the C+ overview

The Trading Day · Monday, July 13, 2026

Japan Just Put the Yen Carry Trade Back on the Screen

Two sessions after the largest foreign US listing on record, Korea took it back: a Kospi drop steep enough to trigger a program-trading halt, SK Hynix −12%, and the first DRAM price decline since September to give the selling a number. Taiwan stayed green — and oil is finally buying the war. The day in ten.

The Morning 10

  1. 1 Overnight — Korea's sidecar morning
  2. 2 The trigger has a number — memory's first price crack
  3. 3 SKHY — session three, back at the offer price
  4. 4 Oil buys the war now
  5. 5 The belief lines get their retest
  6. 6 Futures split the tape — the pressure is addressed to tech
  7. 7 Weekly Signal, day one — the week attacks the signal immediately
  8. 8 Tuesday, everything prints at once — now with a mood
  9. 9 Japan puts the yen carry trade back on the screen
  10. 10 Outside view — Munster's evidence, revisited

The full Morning 10 →

Daily Pulse — Japan Just Put the Yen Carry Trade Back on the Screen

Japan's finance minister has urged the country's giant pension funds — the roughly $1.8 trillion GPIF included — to invest more at home, and markets immediately understood the subtext: structural yen demand, capital coming home. For decades the yen has been the world's main funding currency; the trade works as long as Japanese funding stays cheap and the yen stays weak, and Japan is now challenging both assumptions. August 2024 showed what the unwind loop looks like. This time the trigger would be repatriation rather than a rate shock — slower at the start, potentially more structural once it gains momentum. A catalyst, not confirmation — but another watchpoint that could produce a swift selloff in the summer months.

The full Pulse →

On the tape

The permanent record of one trading day on Closelooknet — an investment research diary, not advice. Today's live view is the homepage.