Rate hike in Japan soon. Within a few weeks.

💀💀

Rate hike in Japan soon. Within a few weeks. https://t.co/09jO1Q1UZq

— QE Infinity (@StealthQE4) August 31, 2026

Hey 🇯🇵 Bank of Japan, you're losing control of your yield curve. https://t.co/xaS860MjkY pic.twitter.com/TYQIqVFnSM

— Financelot (@FinanceLancelot) August 31, 2026

Everyone is watching for the yen carry trade to unwind. They are watching the wrong thing.

The version you hear about, hedge funds borrowing cheap yen to punt abroad, is the cartoon. The real one is bigger and quieter.

It is Japan's own financial institutions. An aging country… pic.twitter.com/9kwAJnpAJf

— Jeffrey P. Snider (@JeffSnider_EDU) August 31, 2026

Everyone is watching for Japanese leverage to unwind. The bigger problem may be that Japanese money still doesn’t want to come home.