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Alasdair Macleod: A yen for gold
By Alasdair Macleod
GoldMoney, Toronto
Friday, September 4, 2026
The yen carry trade is blowing up, driving up global bond yields. Investors are slowly learning that the only safe havens are to be found in gold, silver, and storable commodities.
It started with Scott Bessent at the U.S. Treasury intervening in the JPY rate doing a favor for Japan's finance ministry in late-July.
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The yen rallied sharply, did little for a month, and this week suddenly rose again. Over the period of a month, the yen has rallied 5% against the dollar. Not only will Japan's institutions be reviewing foreign bond and equity investments, but the carry-traders buying U.S. treasury bills could become forced sellers to cover their yen shorts.
This matters, because the only way T-bill demand can be maintained is for the Fed to raise its fund rate to maintain an interest rate differential across global markets. Effectively, the competition to attract global investment funds is on. But we are getting ahead of ourselves, with respect to the consequences for the gold price which is our central theme. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/a-yen-for-gold
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