Japan's banks did not, as a rule, load up on toxic US mortgage debt. Yet the crisis affected the country deeply. For many years while leverage was easily available, the “carry trade” – borrowing in yen at its low rates to park cash elsewhere – kept Japan's currency cheap. Then, once the credit market turned, bringing the carry trade down with it, there was a prolonged period when the yen functioned solely as a perverse “safe haven”, gaining whenever volatility was rising, as measured by the Chicago Board Options Exchange's Vix index.
一般來說，日本銀行并未背負大量美國問題抵押貸款債務，但這場危機仍對該國造成了嚴重影響。在很容易舉債交易的許多年來，“套利交易”（Carry Trade，低息借入日元并把現金投向別處）使日元匯率一直保持在低位。因此，一旦信貸市場逆轉并對套利交易形成拖累，就會在很長時間內，讓日元充當唯一的反向“避風港”的角色——從芝加哥期權交易所(CBOE) VIX指數的情況來衡量，只要市場波動性加大，日元就會升值。
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