Carry trades after the Fed's hike: is earning the rate difference still worth the risk?

A carry trade earns the difference between two interest rates, usually by holding a higher-yielding currency against a lower-yielding one (carry trade explained). With US rates now at 3.75%–4.00% and the Bank of Japan at 1.00%, the gap is wide again.

Carry works until volatility spikes, and yen pairs have seen intervention this year.

For members who hold positions for days or weeks:

• Do you include swap income in your trade plan, or treat it as a bonus?
• What would make you close a carry position early: a volatility level, a central bank meeting, or a price level?
• Do you hedge the currency risk in any way?

Please describe your own reasoning. Posts that sell strategies or promise returns will be removed.