Ok, I know very little about currency, so please forgive me if this doesn't make sense. Let's say I want to buy a stock in company XYZ in Japan I think will rise significantly, but I don't want to be exposed to the currency risk between the USD/JAP...I just want to bet on the Stock rising in its own currency...would this work? *Buy $100 (which would need to be converted into yen) worth of Japanese stock XYZ *Use one dollar with 100:1 leverage and short JPY/USD *Eventually sell the stock (let's assume it has raised in value 20% (in terms of yen)) *Convert the yen from the stock sell off to USD and exit out of the JPY/USD trade Would the return on the stock now be 20% minus the pip spread cost and opportunity cost of the one dollar used for leverage in the JPY/USD short reguardless of how much the Yen gained/lost on the dollar? If this is not the case, is there anyway to hedge against international stock picks? Thanks in advance for any help!