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No. The more obvious interpretation, as you supposed.
I realized it was vague when I posted it but I figured nobody's going
to do anything so esoteric just because of a one-liner from me anyway : )
Adding a comma helps a lot: Short JGBs, via futures options.
Or any other way you can manage it with a very small loss when you're wrong.

Okay, I get it now. You are right, of course, that the JGB position should
be hedged. (I should have scratched the short NKY call spread idea at
current levels but FWIW that should have been the USD denominated NKY,
i.e. EWJ rather than DXJ as a JPY collapse would make the JPY denominated
NKY melt up.)

I am currently looking at the JGB option prices on IB (TSE) but
can only find options out to Dec. and none of them seem to have bid/asks
- is that normal? It seems tricky to aim for a good price without a

Since it is now 20 years since the trade made sense,
I figure that the wait is now going to be 20 years lesser though that
could still be another 20 years (though Abenomics should bring it closer).
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