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  • "Until now the country has been the darling of the yen carry trade, offering irresistible yields to Japan's army of investors. But the yen's surge in recent weeks has played havoc with these flows. The unwinding of yen positions has undoubtedly been key factor in the sudden capital flight from Iceland this month."

    - Ambrose Evans-Pritchard, 'Iceland contagion may spread far and wide' in, cited 7 Oct 2008 (article shows date 27 March 2008 which appears to be incorrect).

    October 7, 2008