USD/JPY Breaks Above 156.0, Up 0.6% in 24 Hours

The yen's slide past 156 is the kind of level that invites official attention rather than fresh conviction, so the interesting question is less the move itself than what it signals about the interest-rate gap still driving the pair. For crypto and RWA markets, a weaker yen tends to matter indirectly: it shapes global liquidity conditions and the carry trade that has repeatedly been a source of cross-asset volatility. Whether the pair holds above this level, and how Japanese authorities respond verbally or otherwise, is the open question worth watching.