ChainCatcher news, Morgan Stanley strategist Michael Wilson believes that if the Federal Reserve significantly cuts interest rates this month, the U.S. stock market may face the risk of further unwinding of yen carry trades.He pointed out that if the initial rate cut exceeds 25 basis points, it could support the yen. This would prompt yen traders to withdraw from U.S. assets after domestic interest rates rise, repeating the pattern that caused turmoil in global markets last month. "The unwinding of yen carry trades may still be a lurking risk factor," Wilson wrote in a report. "A rapid decline in U.S. short-term interest rates could further strengthen the yen, prompting a negative reaction from U.S. risk assets." (Jin Shi)