If JPY appreciates against USD they don't make money or can even lose money. I'm sure there is some hedging going on, but I don't know for sure the mechanics of

If JPY appreciates against USD they don't make money or can even lose money. I'm sure there is some hedging going on, but I don't know for sure the mechanics of it all: https://www.thebalancemoney.com/yen-carry-trade-explained-pros-cons-how-it-is-today-3305971 https://www.thebalancemoney.com/yen-carry-trade-explained-pr...