What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks
Published . Updated .
This report is about Japan.
Directly affected
- No company is named in this report.
Indirectly affected
- EWJ iShares MSCI Japan ETF-0.2% 30d
iShares MSCI Japan ETF holds stocks listed in Japan, which this story is about (“nikkei”).
- FXY Invesco CurrencyShares Japanese Yen Trust+0.5% 8d
Invesco CurrencyShares Japanese Yen Trust follows the Japanese yen, whose moves this story covers.
- MUFG Mitsubishi UFJ Financial Group
Mitsubishi UFJ Financial Group (commercial banks) is one of the largest Japan-based companies traded in the US, so news about Japan (“nikkei”) reaches its shares.
- TM Toyota Motor+2.2% 30d
Toyota Motor (motor vehicles and passenger car bodies) is one of the largest Japan-based companies traded in the US, so news about Japan (“nikkei”) reaches its shares.
- SONY Sony Group+4.8% 30d
Sony Group (household audio and video equipment) is one of the largest Japan-based companies traded in the US, so news about Japan (“nikkei”) reaches its shares.
- MFG Mizuho Financial Group-12.7% 30d
Mizuho Financial Group (national commercial banks) is one of the largest Japan-based companies traded in the US, so news about Japan (“nikkei”) reaches its shares.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| EWJ | +1.47% | +2.27% | base | +0.81% | after close | after close | after close |
| FXY | -0.08% | -0.39% | base | -0.27% | after close | after close | after close |
| MUFG | -2.25% | -0.56% | base | +0.65% | after close | after close | after close |
| TM | +1.05% | -0.65% | base | -0.14% | after close | after close | after close |
| SONY | +2.86% | -0.36% | base | +0.87% | after close | after close | after close |
| MFG | -2.17% | +0.36% | base | +0.62% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Market Call
Think this story will push the stock up or down over the next three trading days? Make a free call and see what other readers think. Points are play money with no cash value.
What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks StoneX
Source: StoneX
The price since 2 Nov 2026: Ishares (EWJ) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| Ishares (EWJ) | that day | +0.81% | still updating |
| Ishares (EWJ) | three days earlier | +2.27% | final price |
| Ishares (EWJ) | five days earlier | +1.47% | final price |
| Invesco CurrencyShares Japanese Yen Trust (FXY) | that day | -0.27% | still updating |
| Invesco CurrencyShares Japanese Yen Trust (FXY) | three days earlier | -0.39% | final price |
| Invesco CurrencyShares Japanese Yen Trust (FXY) | five days earlier | -0.08% | final price |
| Mizuho Financial Group (MFG) | that day | +0.62% | still updating |
| Mizuho Financial Group (MFG) | three days earlier | +0.36% | final price |
| Mizuho Financial Group (MFG) | five days earlier | -2.17% | final price |
| Mitsubishi Ufj Financial Group (MUFG) | that day | +0.65% | still updating |
| Mitsubishi Ufj Financial Group (MUFG) | three days earlier | -0.56% | final price |
| Mitsubishi Ufj Financial Group (MUFG) | five days earlier | -2.25% | final price |
| Sony Group (SONY) | that day | +0.87% | still updating |
| Sony Group (SONY) | three days earlier | -0.36% | final price |
| Sony Group (SONY) | five days earlier | +2.86% | final price |
| Toyota Motor Corp/ (TM) | that day | -0.14% | still updating |
| Toyota Motor Corp/ (TM) | three days earlier | -0.65% | final price |
| Toyota Motor Corp/ (TM) | five days earlier | +1.05% | final price |
Who gains and who loses around Ishares (EWJ)
Companies tied to this story
- EWJ Ishares
Ishares (EWJ) is linked, with no stored direction, medium confidence in the 2 Nov 2026 story “What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks.” Reason on file: iShares MSCI Japan ETF holds stocks listed in Japan, which this story is about (“nikkei”)
- FXY Invesco CurrencyShares Japanese Yen Trust
In “What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks,” Invesco CurrencyShares Japanese Yen Trust (FXY) is linked, with no stored direction, medium confidence. Reason on file: Invesco CurrencyShares Japanese Yen Trust follows the Japanese yen, whose moves this story covers
- MUFG Mitsubishi Ufj Financial Group
In “What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks,” Mitsubishi Ufj Financial Group (MUFG) is linked, with no stored direction, medium confidence. Reason on file: Mitsubishi UFJ Financial Group (commercial banks) is one of the largest Japan-based companies traded in the US, so news about Japan (“nikkei”) reaches its shares
- TM Toyota Motor Corp/
For “What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks,” Toyota Motor Corp/ (TM) is linked, with no stored direction, medium confidence. Reason on file: Toyota Motor (motor vehicles and passenger car bodies) is one of the largest Japan-based companies traded in the US, so news about Japan (“nikkei”) reaches its shares
- SONY Sony Group
For “What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks,” Sony Group (SONY) is linked, with no stored direction, medium confidence. Reason on file: Sony Group (household audio and video equipment) is one of the largest Japan-based companies traded in the US, so news about Japan (“nikkei”) reaches its shares
- MFG Mizuho Financial Group
In “What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks,” Mizuho Financial Group (MFG) is linked, with no stored direction, medium confidence. Reason on file: Mizuho Financial Group (national commercial banks) is one of the largest Japan-based companies traded in the US, so news about Japan (“nikkei”) reaches its shares
Ishares (EWJ)
“What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks” (2 Nov 2026) reaches Ishares (EWJ) through this story.
Ishares (EWJ) is on the page because iShares MSCI Japan ETF holds stocks listed in Japan, which this story is about (“nikkei”)
A second company, Invesco CurrencyShares Japanese Yen Trust (FXY), is listed for a different reason: Invesco CurrencyShares Japanese Yen Trust follows the Japanese yen, whose moves this story covers
Price levels for Ishares (EWJ)
EWJ traded between 95.11 and 99.98 across 17 sessions. The latest close on file is 97.33. FXY traded between 57.91 and 58.58 across 8 sessions. The latest close on file is 58.19.
How strong the case is around Ishares (EWJ)
54 out of 100Price not final
“What a Yen Carry Trade Unwind Means for Nasdaq and Nikkei Stocks” scores 54 out of 100. The score uses 2 sources, and 6 linked companies. The price is not final yet.