Analysts at UBS AG claim that it became profitable to use Japanese yen and Swiss franc as funding currencies for carry trades to invest in higher-yielding assets.

The specialists advise investors to borrow in yen and franc to buy Swedish krona, Norwegian krone, euro and Canadian dollar. Norwegian krone and euro are included in this list as because the potential move in yields is going to be bigger because they’re coming from a lower base.

As exchange rates volatility may derail benefits from carry trade, it’s necessary to wait until turmoil in the Middle East and North Africa fades before elaborating such strategy.

Borrowing in yen and selling it to buy SEK, NOK, CAD and EUR has returned 33% this year. The same trade, funded by the franc, has returned 17%. Last year carry traders lost 11% on yen and 7.6% on franc.

Economists surveyed by Bloomberg News expect the EBC to increase the rate by 25 basis points in the fourth quarter and Canada’s and Norway’s central banks to raise rates by the same amount in the second quarter. Sweden’s Riksbank that has already lifted up borrowing costs for 5 times since the beginning of July may hike by 25 bps 4 more times this year.