Hedge funds have turned the most bearish on the yen since 2007, boosting bets on further losses to nearly 138,000 contracts as of June 30.

Japan's yen hits 40-year lows near 162 per dollar as $73.5B in interventions fail. The yen carry trade poses major risks for Bitcoin and crypto markets.

Hedge funds hold their most bearish yen positions since 2007 as USD/JPY nears 162. Here's why the carry trade boom matters for crypto and risk assets.