USD/JPY Rebounds to 157.0, Down 1.5% in 24 Hours

The rebound to 157.0 after a sharp 1.5% drop suggests the market is testing whether the recent yen strength is a corrective move or the start of a sustained shift. For crypto and RWA markets, the key channel is risk sentiment: a firmer yen often coincides with reduced carry-trade appetite, which can indirectly pressure leveraged positions in higher-yielding assets. The immediate focus is whether the pair stabilizes below the prior highs or resumes its slide, as that will signal the durability of the dollar's weakness. Watch for any follow-through in yen crosses or volatility in risk assets as the next tell.