I think we mostly agree - what you describe is what I was meant when I said actively managing currency risk. Every sale in Japan for Apple is a pile of Yen (rea

I think we mostly agree - what you describe is what I was meant when I said actively managing currency risk. Every sale in Japan for Apple is a pile of Yen (real or virtual), that needs to be dealt with, and just holding it brings a lot of risk. You move it, you buy options to hedge if you hold it, you buy stuff with it.