A foreign exchange product that has a very long maturity (such as 30 years) and is used by investors to benefit from favorable movements in some exchange rate such JPY/ AUD or JPY/ USD. This product helps investors place capital in high-yield currencies such as the currencies of emerging markets or the Japanese yen. For example, Japanese retail investors usually buy such products to take advantage of a depreciating yen against U.S. dollar or Australian dollar. These products pay a coupon that increases as the yen weakens. Some products contain embedded FX options that go long the carry currency and short the yen. Among the most popular long-dated FX products are long-dated FX options, currency swaps, power reverse dual currency notes (PRDC notes) and FX target redemption notes (FX-TARNs).