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.
一般来说，日本银行并未背负大量美国问题抵押贷款债务，但这场危机仍对该国造成了严重影响。在很容易举债交易的许多年来，“套利交易”（Carry Trade，低息借入日元并把现金投向别处）使日元汇率一直保持在低位。因此，一旦信贷市场逆转并对套利交易形成拖累，就会在很长时间内，让日元充当唯一的反向“避风港”的角色——从芝加哥期权交易所(CBOE) VIX指数的情况来衡量，只要市场波动性加大，日元就会升值。
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