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Tom Luongo: Why the Euro-Yen Cross Is the Carry Trade’s Tell

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Recorded on August 4, 2026 at NRS Studios

This NRS World clip from Tom Luongo’s conversation with host Andy Millette focuses on the mechanics behind the yen carry trade, the euro-yen cross, and the global capital flows connecting Japan, Europe, the United States, and major central banks. Luongo explains why investors borrow in low-rate currencies, how small yield spreads become significant when leverage is added, and why currency movements can force carry trades to unwind.

Luongo also lays out his thesis that European institutions and offshore financial centers are major beneficiaries of yen-funded leverage. He discusses the Bank of Japan’s rate path, Japanese government bonds, U.S. Treasuries, German bond spreads, Bank of England holdings, and the role of shadow banking. These are Luongo’s interpretations, not established facts, and the clip is presented for discussion and education.

Watch the full NRS World interview:
https://youtu.be/SdKv1enuDps

Tom Luongo
Patreon https://www.patreon.com/GoldGoatsNGuns
X https://x.com/TFL1728

Host Andy Millette
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Disclaimer

This content is for informational and educational purposes only and is not financial advice. The opinions expressed are those of the guest or speaker and do not necessarily reflect the views of the host, NRS, or Natural Resource Stocks. Nothing discussed should be relied upon as a recommendation to buy, sell, or hold any investment. Always do your own due diligence and consult a qualified professional.