The Yen carry trade, in which traders bought the U.S. dollar for its high yield while selling the almost yield-less Yen, was last in fashion in the earlier part of the 21st century, basically from 2004 to 2008. After the 2008 financial crisis U.S. interest rates dropped enough that the so-called Yen carry trade was no longer profitable. However, the Yen remains at zero interest rates and it is possible to participate in a Yen carry trade by buying the Australian dollar or New Zealand dollar while selling Yen. So in that respect the Yen carry trade remains alive.