Harry Ishihara, a macro strategist for Macrobond and the Japan Exchange Group, sheds light on the dynamics of the Japanese carry trade amid a fluctuating yen. He emphasizes the cautious return of retail investors, the 'Mrs. Watanabes', despite recent challenges. Ishihara discusses Japan's economic recovery driven by strong foreign investments and changing consumer behaviors. He also addresses the evolving trade landscape under the new Trump administration and the implications for U.S.-Japan relations, especially in key industries like automotive and semiconductors.