Dollar rises 0.5% against yen to 155.08, one-week high

The yen's slide back toward the 155 zone against the dollar keeps the focus on the gap between US and Japanese rate expectations, which has been the dominant driver of this pair for months. For RWA and crypto markets, a firmer dollar tends to tighten global liquidity conditions, a headwind that has historically weighed on risk assets rather than a story in itself. The open question is whether this is a one-week bounce or the start of a more sustained dollar leg higher; that, more than the level itself, is what carries over into broader positioning.