The Japanese yen has depreciated to 157.20 against the U.S. dollar, prompting speculation about potential intervention by the Bank of Japan. Traditionally, a weaker yen has been associated with risk-on sentiment, as investors leverage low-interest yen for higher-yielding investments. However, Japan's significant debt-to-GDP ratio and recent fiscal stimulus measures are raising concerns about the yen's long-term stability in carry trades. Analysts are now considering the Swiss franc as a more reliable indicator of risk sentiment. The franc's lower yields and stable macroeconomic environment make it an attractive alternative, potentially reshaping traditional currency dynamics in global markets.