Yen carry trade: What a shift could mean for KiwiSaver investors – Naomi Fink

Opinion byNaomi Fink NZ Herald·9 Sep, 2026 01:56 AM6 mins to readNaomi Fink is the Chief Economist and Chief Global Strategist for Amova Asset Management.KiwiSaver faces risks if the global yen carry trade shifts. Photo / Getty ImagesFor more than a decade, Japan’s most influential export has not been cars or electronics but capital. With the “recycling” of Japan’s sizeable current account surplus, there is the “carry trade”, whereby global investors borrow in relatively cheap yen to fund investments into risk assets around the world. That