Central Bank FX Divergence & Yield Differential Workbench

Macroeconomic Policy Dials

Federal Reserve Guidance

Bank of Japan Trajectory

USD/JPY Spot FX Baseline: 145.20

FX Implied Volatility (% Ann.): 9.8%

Carry Trade Leverage (x): 3.0x

Holding Horizon (Months)

USD/JPY Equilibrium Corridor & 12-Month Projection Controlled Fed-BOJ Convergence

Macro Policy Divergence Scenarios

Fed Scenario	BOJ Path	2Y Spread (bps)	Net Carry (%)	Breakeven FX Buffer	Projected 12M FX