How much YEN is in the Carry Trades?

Japan has been calming the market time and time again about "carry trades (unwinding) not posing any risk". OF COURSE this statement is "self serving" for the Japanese Governmentm Economy and Exporters in particular. Should the Carry Trade unwinds, USDJPY could drop 500 pips, GBPJPY could drop 1500 pips and leave Japanese exporters at a bad position to compete globaly.

My question is: How much Yen is actually shorted to support the Carry Trades?
Knowing this figure, we can know specifically how big the effect can be should the Carry Traders unwind.

The last time I checked it was about 1.2 trillion denominated in USD.

before the unwind it was in tens of trillion Yen

More than the quantity of carry trend present in the market, I prefer to see what could influence the market for the future.

Firstly, the correlation between the stock market and the yen. The Dow and Nikkei could both have finished their period of correction, and therefore could bring less support for a bullish yen. Moreover, this correction appears more to be a bull market correction in ABC and not the beginning of bearish trend.
However, the "fear" which help the decline of those market could continue with the default-credit problem, that could still spread easily to the rest of the economy.

Secondly, the 31st March correspond to the end of the fiscal years in Japan, and in the past it has correspond with a bullish yen correction. For this point, it appears that most of the correction have been done. Moreover, the net selling of foreign bond by japanese investor have start to dried up, indicating that the adjustement pre-end fiscal years was nearing its end (Japan's Ministry of Finance).

To sum up, the yen is loosing its argument to continue its current trend against the major. With the 31st march that arrive, the market will go back to the fundamental because nothing have change. The differentiel of rate didn't change against the NZD and the AUD. The other major still give a good return.
Moreover, the BoJ doesn't really have a lot of support to hike again. Until the wage start to go up, and therefore the spending too, inflation will have difficulty to go up, and the last reading about it show that they actually have problem to do so. So, for now the consensus in the bond market is one hike this years, and it appears to be correct.
For the CHF that has an economy that growth at a good pace, but with an inflation largely under control, it appears also that only one hike for this years.

Therefore, personnaly I don't think that the Yen or CHF will continue to decline further more. Unless if the stock market continue to decline or that the credit problem spread to the all mortgage market, the yen will start again its routine as a carry trade currency.

PS: Sorry again for my english that is not my native language

You assume that the Carry Trade has unwounded? What I see is just repatriation ahead of the Japanese Fiscal Year end (Mar 31).

Do you mean USD/JPY, USD/CHF and their crosses will go higher? If Yen and CHF will NOT decline further, it means that the JPY and CHF crosses will go lower.

more and more people will follow the trend, and it can last for days or week, so, i presume it is not about how big the carry is, but how long it goes, ussualy until a good news break the trend?