I haven't priced this out yet but, couldn't one, Buy an out of the money Put Option & Buy GBP/JPY spot? You would hold these positions for about a year until the option expires, collecting interest in the long GBP/JPY spot. The interest would offset the premium paid for the Put Option. Would the interest earned, more then offset the cost of the option premium and the difference between the option strike price and the initial GBP/JPY value?