Reinforcement learning (RL) based on PPO-style clipping has become an effective approach to improving the reasoning capabilities of large language models (LLMs). However, standard token-level clipping measures policy change only through the conditional probability of the current token, while the prefix conditioning context is itself generated by the policy. This mismatch becomes especially consequential in long-response and off-policy training. We reformulate autoregressive generation as a finite-horizon Markov decision process and derive its performance-difference identity under behavior-policy sampling. The resulting change of measure identifies the cumulative likelihood ratio of the generated prefix as the exact importance weight for each stepwise policy-improvement term. Starting from the monotonic-improvement principle of trust-region policy optimization, we then construct a prefix-level trust region using the exact reverse-KL coordinate $r-1-\log r$, whose behavior-policy expectation equals the corresponding prefix-distribution KL divergence. This yields EPIC, a PPO-style sequence-clipping method that directly regulates prefix-level policy drift without relying on a local quadratic approximation or expert-routing replay. Experiments on off-policy reinforcement learning with a sparse mixture-of-experts language model show that EPIC consistently outperforms standard and sequence-level clipping baselines across mathematical-reasoning benchmarks, while remaining competitive with routing-replay-based alternatives. Code is available at https://github.com/LiChengxi666/EPIC.

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