$6.4 trillion wiped out from global stock markets in 3 weeks

Around $6.4 trillion were wiped out from global stock markets in last three weeks, Bloomberg reported. As Japanese Yen appreciated in July, traders started to unwind carry trades, which exerted selling pressure on markets worldwide as borrowed money was returned. Carry trades involve borrowing from a country with low interest rates, and reinvesting money in another country for higher returns.