Divergent monetary policies continue to anchor USD/JPY around 157-158, with the Fed holding its target range at 3.75-4.00% while the Bank of Japan maintains 1.25% ahead of its October 30 decision. The roughly 2.75 percentage point yield advantage sustains carry-trade demand for the dollar, though accelerating Japanese core inflation above 2% and expectations for a December BoJ hike to 1.50% have supported intermittent yen strength and limited rallies toward the 160 intervention threshold. Recent U.S. data releases and safe-haven flows amid geopolitical tensions have also influenced short-term swings within the 155-160 range. Key upcoming catalysts include the BoJ's policy statement, December FOMC and BoJ meetings, and further inflation and growth figures that will shape market-implied odds for additional tightening on both sides.