They caused global markets to seize up – and raised serious questions about just how much money was at stake. No, we’re not talking about Nvidia’s earnings. Or the US jobs report. We’re talking about carry trades – an obscure part of international markets that’s suddenly less obscure.

On today’s Big Take Asia podcast, the Bloomberg Explains series continues with Bloomberg Opinion columnist Shuli Ren. She tells hosts K. Oanh Ha and David Gura about how the yen carry trade became so popular with big banks to small-time investors, what went wrong during the August markets rout and how soup dumplings are key to understanding why carry trades shouldn’t work … but do.

Read more: How Big Is the Yen Carry Trade, Really?

Further listening: Odd Lots Podcast - Bloomberg

Watch, from Bloomberg Originals: Why Japan’s Yen is So Volatile

They caused global markets to seize up – and raised serious questions about just how much money was at stake. No, we’re not talking about Nvidia’s earnings. Or the US jobs report. We’re talking about carry trades – an obscure part of international markets that’s suddenly less obscure.
On today’s Big Take Asia podcast, the Bloomberg Explains series continues with Bloomberg Opinion columnist Shuli Ren. She tells hosts K. Oanh Ha and David Gura about how the yen carry trade became so popular with big banks to small-time investors, what went wrong during the August markets rout and how soup dumplings are key to understanding why carry trades shouldn’t work … but do.
Read more: <a href="https://www.bloomberg.com/opinion/articles/2024-08-06/how-big-is-the-yen-carry-trade-really">How Big Is the Yen Carry Trade, Really? </a>Further listening: <a href="https://www.bloomberg.com/oddlots">Odd Lots Podcast - Bloomberg</a> Watch, from Bloomberg Originals: <a href="https://www.youtube.com/watch?v=kI4qhULFG2o&amp;list=PLqq4LnWs3olXOhUOv4O6r-9OdWTQN83se&amp;index=2" data-component="link">Why Japan’s Yen is So Volatile</a>

We’re taking The Big Take to Asia. Each week, Bloomberg’s Oanh Ha tells a story from the home of the world's most dynamic economies - and the markets, tycoons and businesses that drive the ever-shifting region.

We’re taking The Big Take to Asia. Each week, Bloomberg’s Oanh Ha tells a story from the home of the world's most dynamic economies - and the markets, tycoons and businesses that drive the ever-shifting region.

Big Take Asia

Carry Trades, Explained

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/28a2bbfd-fb87-4706-9df9-b1e0014c901e/transcript

As global attention is focused on war in the Middle East, North Korea has been accelerating its nuclear and missile program — testing new weapons and producing more warheads.

On today’s Big Take Asia podcast, host K. Oanh Ha speaks with Bloomberg’s Jon Herskovitz on Kim Jong Un’s aggressive nuclear buildup and the strain that puts on US defenses.

Read more: North Korea’s Nuclear Arsenal is Outgrowing the US Missile Defenses

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by K. Oanh Ha; Produced by Naomi Ng; Reported by Jon Herskovitz, Soo-Hyang Choi; Edited by Paddy Hirsch Fact-checking by Yang Yang; Engineering by Taka Yasuzawa Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

As global attention is focused on war in the Middle East, North Korea has been accelerating its nuclear and missile program &mdash; testing new weapons and producing more warheads.
On today&rsquo;s Big Take Asia podcast, host K. Oanh Ha speaks with Bloomberg&rsquo;s Jon Herskovitz on Kim Jong Un&rsquo;s aggressive nuclear buildup and the strain that puts on US defenses.
Read more: <a href="https://www.bloomberg.com/graphics/2026-north-korea-nuclear-arsenal/">North Korea&rsquo;s Nuclear Arsenal is Outgrowing the US Missile Defenses</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by K. Oanh Ha; Produced by Naomi Ng; Reported by Jon Herskovitz, Soo-Hyang Choi; Edited by Paddy Hirsch Fact-checking by Yang Yang; Engineering by Taka Yasuzawa Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

North Korea’s Nuclear Program Reaches Tipping Point for the US

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/34691958-f99c-479c-adfa-b43b00261035/transcript

With the war in Iran creating a shortage of the fuel and fertilizer that farmers across Asia need to plant and harvest rice, many smallholders are seeking alternative supplies or pondering whether to plant at all.

On today’s Big Take Asia podcast, agriculture reporter Hallie Gu tells host Oanh Ha what the bottleneck in the Strait of Hormuz means for rice farmers from Cambodia to India — and how the fate of the region’s staple crop shapes its economy and politics.

Read more: Fuel Shortages From Iran War Threaten Asia’s Biggest Food Staple
Listen more: Asia Is Bearing the Brunt of the Iran War Energy Crisis

Hosted by Oanh Ha; Produced by Yang Yang; Reported by Hallie Gu; Edited by Patrick Hirsch Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

With the war in Iran creating a shortage of the fuel and fertilizer that farmers across Asia need to plant and harvest rice, many smallholders are seeking alternative supplies or pondering whether to plant at all.
On today&rsquo;s Big Take Asia podcast, agriculture reporter Hallie Gu tells host Oanh Ha what the bottleneck in the Strait of Hormuz means for rice farmers from Cambodia to India &mdash; and how the fate of the region&rsquo;s staple crop shapes its economy and politics. Read more: <a href="https://www.bloomberg.com/news/articles/2026-04-11/fuel-shortages-from-iran-war-threaten-asia-s-biggest-food-staple">Fuel Shortages From Iran War Threaten Asia&rsquo;s Biggest Food Staple</a> Listen more: <a href="https://podcasts.apple.com/hk/podcast/asia-is-bearing-the-brunt-of-the-iran-war-energy-crisis/id1746141911?i=1000755828464">Asia Is Bearing the Brunt of the Iran War Energy Crisis</a>
Hosted by Oanh Ha; Produced by Yang Yang; Reported by Hallie Gu; Edited by Patrick Hirsch Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

How Hormuz Closure Could Squeeze Asia’s Staple Crop

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ad70485f-5e0e-43f8-8f4b-b42c015caa3b/transcript

日本のアパレル王者、ユニクロ。アジアや米国の沿岸部で成功を収めた同社が、今まさに挑もうとしているのが、ブランド認知がまだ低い「フライオーバー・カントリー（内陸部）」と呼ばれる広大なエリアです。ここを制覇することは、創業者の柳井正氏にとってグローバルNo.1への「最後の難関」を意味します。

今回のエピソードでは、テキサス州ダラスの店舗取材に加え、銀座の旗艦店で柳井氏の買い物に同行した様子を披露。柳井氏本人のインタビュー音声を交え、なぜこのエリアを攻略しようとしているのか、そしてなぜ経営の第一線に留まり続けるのか、その真意に迫ります。

関連記事：ユニクロ柳井正、不屈の野心－米国攻略に向けた成長戦略の真髄「売上3兆円はいける」

ユニクロの東京旗艦店を柳井氏と歩く「買う立場で考える、全部」−世界26市場を支える経営哲学

制作・ホスト： 野上英文、 取材：リード・スティーブンソン 、編集：岩井春翔 、ファクトチェック：香月夏子 、サウンドデザイン・エンジニア： 安澤隆比古 、シニアプロデューサー： Naomi Shavin、デピュティ・エグゼクティブプロデューサー： Julia Weaver、エグゼクティブプロデューサー： Nicole Beemsterboer

日本のアパレル王者、ユニクロ。アジアや米国の沿岸部で成功を収めた同社が、今まさに挑もうとしているのが、ブランド認知がまだ低い「フライオーバー・カントリー（内陸部）」と呼ばれる広大なエリアです。ここを制覇することは、創業者の柳井正氏にとってグローバルNo.1への「最後の難関」を意味します。
今回のエピソードでは、テキサス州ダラスの店舗取材に加え、銀座の旗艦店で柳井氏の買い物に同行した様子を披露。柳井氏本人のインタビュー音声を交え、なぜこのエリアを攻略しようとしているのか、そしてなぜ経営の第一線に留まり続けるのか、その真意に迫ります。
関連記事：<a href="https://www.bloomberg.com/jp/news/features/2026-02-02/T9UQGPKIUPT600">ユニクロ柳井正、不屈の野心－米国攻略に向けた成長戦略の真髄「売上3兆円はいける」</a>
<a href="https://www.bloomberg.com/jp/news/articles/2025-12-23/T7HRZOKK3NYU00">ユニクロの東京旗艦店を柳井氏と歩く「買う立場で考える、全部」&minus;世界26市場を支える経営哲学</a>
制作・ホスト： 野上英文、 取材：リード・スティーブンソン 、編集：岩井春翔 、ファクトチェック：香月夏子 、サウンドデザイン・エンジニア： 安澤隆比古 、シニアプロデューサー： Naomi Shavin、デピュティ・エグゼクティブプロデューサー： Julia Weaver、エグゼクティブプロデューサー： Nicole Beemsterboer

BONUS: ユニクロ・柳井正氏を直撃、アメリカ内陸部への執念と後継者

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ca005805-e637-4310-b236-b426015f6dad/transcript

Carry Trades, Explained

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