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

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According to Bank of America strategists, 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.

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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