USD/JPY just touched 161.8 — highest since July '24. If it breaks 162, that's a 40-year high.

Last time we got near this level, BOJ stepped in with $34B to prop up the yen. Result? $7T wiped off global markets.

The yen carry trade is now sitting somewhere between $300B-$400B. Bigger than last time.

If BOJ intervenes again, the unwind won't be pretty. Worth watching.