Goldman Sees Best Carry-Trade Setup Since 2000, Backs Yen Bets That Blew Up Two Years Ago

Goldman Sachs said carry trades face optimal conditions since 2000, citing low volatility across G10 currencies. The bank favors yen-funded positions on July 10, 2026, betting the yen weakens to 165 per dollar. The call echoes pre-2024 analysis—before the same trade unwound violently in July-August 2024, spreading losses across unrelated currency blocs and triggering broader equity selloffs. The structural risks that caused that collapse remain.