Here's the new pain trade, and it involves rates, tech stocks and the Japanese yen, says Bank of America

According to Bank of America strategists led by Michael Hartnett, the new pain trade, so to speak, would be lower bond yields with a lower Nasdaq and a stronger Japanese yen.

According to Bank of America strategists led by Michael Hartnett, the new pain trade, so to speak, would be lower bond yields with a lower Nasdaq and a stronger Japanese yen. No carry trade, they say, is bigger than long the Mexican peso against the Japanese yen MXNJPY . This year the Mexican currency has vaulted 23% against its Japanese counterpart. A carry trade involves borrowing in a low interest-rate currency to fund an investment at a higher rate.

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