The carry trade has been infamously likened to picking up small coins in front of a steamroller. Following the demise of Lehman Brothers in September 2008, the steamroller hit. Popular funding currencies soared, while target currencies depreciated as carry trades unwound. From September 15 to December 17 last year, for example, the yen rose by 17.05% to reach Yen87.79 to the US dollar. Over the same period, the New Zealand dollar slumped by 12.03% to hit NZ$1.70 to the US dollar on December 17.