(Bloomberg) -- Emerging-market carry trades, some of this year’s most popular foreign-exchange bets, are showing resilience even after joint US-Japan currency intervention dented the appeal of this yen-funded strategy.

Japan and the US conducted a rare coordinated yen intervention, raising volatility risks for carry trade speculators and currency markets

The US just joined Japan in FX intervention for the first time since 1998. But the real story isn't USD/JPY... it's the $trillions sitting on the global yen carry trade.