Topsy-turvy markets reflect changes in monetary policy. Over the past 18 months the yen sank as America’s Federal Reserve raised interest rates and the Bank of Japan stood still. The “carry trade”, where investors borrow cheaply in yen to make higher-yielding investments in dollars or euros, flourished, sending the Japanese currency lower still. The weaker currency then enhanced the foreign earnings of Japanese firms, and enticed foreign investors into the Japanese stockmarket. In 2023 and the first half of 2024, they snapped up ¥9trn ($60bn) in stocks.