One story doing the rounds: the Japanese central bank was lending at roughly 0%. So the carry trade involved borrowing Yen, buying foreign currency, letting it

One story doing the rounds: the Japanese central bank was lending at roughly 0%. So the carry trade involved borrowing Yen, buying foreign currency, letting it appreciate (or investing it?) and paying back. Now the central bank has raised interest rates, so this trade is unwinding: the Yen is rising, and Japanese firms are selling their foreign investments to cover. (I hope I have this right.)