USD/JPY falls 0.5% to 153.56

The yen's continued push against the dollar signals that market participants are increasingly pricing in a shift in the Bank of Japan's policy trajectory, even without explicit confirmation. This move matters for global carry-trade dynamics, as a stronger yen can ripple through risk assets and funding currencies. The key question is whether this reflects durable repricing or a short-term positioning squeeze, especially if US rate expectations stabilize. Watch for any official BOJ commentary or data that could validate or counter the market's assumption of narrowing rate gaps.