Yen carry trade is back in vogue. Look who is benefiting

Remember the much-talked-about yen carry trades all those years ago? That’s when funds borrowed big in Tokyo at mind-bogglingly low rates and deployed the funds in high-yielding Mumbai. The principle at play was arbitrage.It’s back in vogue yet again, but those benefiting now are local lenders. Record rate reductions have caused the tri-party repo rates to fall below the reverse repo – and banks are making money without much sweat.Whenever rates