USD/JPY drops to 157.0, down 1.7% in 24 hours

The sharp 24-hour drop in USD/JPY signals a decisive shift in yen momentum, likely driven by factors beyond typical drift. For RWA markets, this matters because a stronger yen can alter cross-border capital flows, affecting demand for dollar-denominated assets and hedging strategies. The move's speed suggests possible intervention or a fundamental reassessment, making the sustainability of this yen rally the key watchpoint. If yen strength persists, it could pressure dollar-based yield plays and reshape currency-hedged returns for global investors. Whether this is a one-off correction or the start of a broader trend is the open question.