 Continuous stochastic logarithm of planar Brownian motion

Planar Brownian motion started away from zero almost surely avoids zero. On every finite time interval its continuous path therefore has positive minimum modulus, making the logarithmic stochastic integral well-defined. Since complex quadratic covariation satisfies $d[Z,Z]=0$, analytic Itô calculus gives the displayed exponential identity without a drift correction. Its real part is the change in logarithmic radius and its imaginary part is the continuous accumulated argument, including every winding. This is a pathwise logarithmic lift, not a single-valued logarithm on the entire punctured plane.