The yen is the funding leg of the global carry trade. This desk fuses the BOJ funding leg (balance sheet + short rate), the US–Japan carry width, the USD/JPY volatility detonator, JGB long-end stress and CFTC speculator positioning into a carry regime and a 0–100 unwind-risk score. A leveraged carry unwinds violently when the yen rallies fast — the August 2024 unwind is the reference event.