Emerging-market carry trades, some of this year's most popular foreign-exchange bets, are showing resilience even after joint US-Japan currency intervention dented the appeal of this yen-funded strategy.

Despite the coordinated effort by US and Japan to weaken the yen through intervention, investors continue to sidestep the yen's recent gains. The strategy of borrowing in low-yielding currencies to invest in higher-yielding emerging markets remains attractive to traders seeking yield in a challenging global environment.

Market participants note that while the yen has strengthened following the intervention, the underlying fundamentals supporting carry trades remain intact. Global growth concerns and central bank policies continue to drive demand for these strategies, particularly in markets offering attractive returns.

Analysts suggest that unless there is a significant shift in monetary policy or risk appetite, carry trades will likely maintain their momentum through the remainder of the year.