The Japanese yen is on a bumpy path toward strengthening after Friday's central bank policy change, threatening to upend the carry trade, one of this year's most popular strategies, as the currency inevitably becomes more expensive.
The BOJ kept its short-term interest rate target below zero, but shook markets by adjusting a policy that had effectively capped the 10-year government bond yield at 0.5%.
The wild swings in the yen, which saw its most volatile trading day for months, reflect the initial confusion among traders and investors about what this might mean.