Though it will be a long time before economic historians can make an objective assessment of innovation in information and communications technology, which is still under way, there is no doubt that it has had a profound impact on economies and finance as a whole.
Even though it is impossible to precisely assess the scale of the yen carry trade strategy, it undoubtedly attracts many investors. This is due to a significant yield spread, in the range of 3 percentage points, between yen- and dollar-denominated instruments (slide 10).