[Institution: Yen Intervention May Lead to Rapid Unwinding of Arbitrage Trades] Golden Finance reported on July 10 that asset management company Carmignac stated Japanese authorities might focus on the pace of yen depreciation rather than its absolute level. Successful yen intervention must be 'large-scale and completely unexpected,' with minimal impact on U.S. Treasury bonds. Yen intervention may lead to the rapid unwinding of arbitrage trades.