Once again, the holiday month of August needed just a few unsunny hours to spoil the holiday mood of many fund and risk managers. The combination of weak U.S. labor market data, an interest rate hike by the Bank of Japan (BoJ) and a short-term unwinding of many Yen carry trade positions[1] led to severe market turbulence, as the following three key figures alone show: the Japanese Topix fell by more than 12% in a single day, the U.S.
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