Ultra-low rates turned the yen into easy cash for bankers. But the carry trade now binds global markets to decisions in Tokyo Ultra-low rates turned the yen into easy cash for bankers. But the carry trade now binds global markets to decisions in Tokyo I n 2015, Clyde Prestowitz’s book Japan Restored imagined a Japanese century emerging from upheavals such as an Israeli attack on Iran. While conflict now grips the Middle East, there are few indications of the revolutionary change the former US