Hedging USD exposure as a Japanese investor

[NotMitch]

So if I was in a Yen denominated fund that held a USD investemnt and I was using forward contracts to hedge my expouse to the US Dollar would I be able to do it perfectly or would I see some slippage? Ignore transaction costs, the difference in the risk free rate of the US and Japan is what I think might slip, I think its built into the forward pricing but Im not sure.