Dollar Falls 0.4% Against Yen to 157.96

A 0.4% pullback is noise against a multi-decade trend, but it lands in a pair where positioning is stretched and the rate gap remains the dominant driver. The move matters most for yen-funded carry trades and Japanese import costs, which have been the practical transmission channel of the weak yen. Whether this is a genuine shift in rate expectations or a brief squeeze is the open question; the size of the move alone does not settle it.