USDJPY - Risk off without JPY strength? From Carry to Scary

FX:USDJPY   U.S. Dollar/Japanese Yen
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I've spent more than 15 years with investing and trading in financial makrets, but I have never seen any major global risk-off without massive carry trade unwinds. As JPY has been under selling pressure due to all well known reasons since 2012, it has obviously become a funding ccy. What do you think Japanese investors (including professionals and households) have been buying since they were able to sel all their worthless JGB holdings back to their Central Bank? It is obvious that bes