日元拆倉（carry trade) 係點樣呢

首先,carry trade係指"套息交易","日元拆倉"係另一回事
"套息交易"係指借低息貨幣去投資其他較高回報既資產,以賺取差價(通常係較高息既外幣,股票)
"日元拆倉":
日圓長期接近0利率,借貸成本極低,所以常用作"套息交易"
大量對沖基金借日圓投資於股票,當日圓升,對沖基金借貸成本就會相應地升(因為你要補返日圓升值既差價)
所以就要沽出股票套現還日圓,大量對沖基金沽出股票造成股市普遍下挫

因為日元是零利率，所以借貸利率非常低，投資者便借日元去投資回報高的產品，如高息貨幣、股票市場、期貨市場等等，以賺取高回報；但當日元轉強或加息時，投資者的成本便會增加，於是要在投資的各個市場，如股票市場，拋售股票套現，以減少損失，就做成股票市場的大幅波動，就叫做日元拆倉活動。

Since the interest rate to borrow Yen in Japan is 0%, some funding companies borrowed yen and buy AU, NZ and Stocks with high interest rate so as to earn the rate difference.

However, recently the yen has raised a lot. Thus, they have to sell the stocks, NZ dollars to pay back the yen.