diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index a228e49306d..3e6f3c3246f 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-    ".": "1.5.3"
+    ".": "1.5.4"
 }
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4629117dbec..26eebf590c8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,13 @@
 All notable changes to this project will be documented in this file.
 
 
+## [1.5.4](https://github.com/microsoftgraph/msgraph-sdk-python/compare/v1.5.3...v1.5.4) (2024-08-02)
+
+
+### Bug Fixes
+
+* requires a higher version of the JSON dependency ([955f85f](https://github.com/microsoftgraph/msgraph-sdk-python/commit/955f85fe35ddfc0eb6f2f2c6a58d59ec04f3b073))
+
 ## [1.5.3](https://github.com/microsoftgraph/msgraph-sdk-python/compare/v1.5.2...v1.5.3) (2024-07-17)
 
 
diff --git a/msgraph/_version.py b/msgraph/_version.py
index bbb70708bc5..a9c26f8024d 100644
--- a/msgraph/_version.py
+++ b/msgraph/_version.py
@@ -1,4 +1,4 @@
 # The SDK version
 # x-release-please-start-version
-VERSION: str = '1.5.3'
+VERSION: str = '1.5.4'
 # x-release-please-end
diff --git a/pyproject.toml b/pyproject.toml
index 96facc76c6e..7a2624b4f31 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -6,7 +6,7 @@ build-backend = "flit_core.buildapi"
 name = "msgraph-sdk"
 # The SDK version
 # x-release-please-start-version
-version = "1.5.3"
+version = "1.5.4"
 # x-release-please-end
 authors = [{name = "Microsoft", email = "graphtooling+python@microsoft.com"}]
 description = "The Microsoft Graph Python SDK"
@@ -14,7 +14,7 @@ dependencies = [
     "azure-identity >=1.12.0",
     "microsoft-kiota-abstractions >=1.3.0,<2.0.0",
     "microsoft-kiota-authentication-azure >=1.0.0,<2.0.0",
-    "microsoft-kiota-serialization-json >=1.0.0,<2.0.0",
+    "microsoft-kiota-serialization-json >=1.3.0,<2.0.0",
     "microsoft-kiota-serialization-text >=1.0.0,<2.0.0",
     "microsoft-kiota-serialization-form >=0.1.0",
     "microsoft-kiota-serialization-multipart >=0.1.0",
diff --git a/requirements-dev.txt b/requirements-dev.txt
index c20314e3ac8..46d3b0b8991 100644
--- a/requirements-dev.txt
+++ b/requirements-dev.txt
@@ -1,7 +1,7 @@
-aiohttp==3.9.5
+aiohttp==3.10.0
 aiosignal==1.3.1
 anyio==4.4.0
-astroid==3.2.3
+astroid==3.2.4
 async-timeout==4.0.3
 attrs==23.2.0
 azure-core==1.30.2
@@ -13,7 +13,7 @@ cffi==1.16.0
 charset-normalizer==3.3.2
 click==8.1.7
 colorama==0.4.6
-cryptography==42.0.8
+cryptography==43.0.0
 Deprecated==1.2.14
 dill==0.3.8
 docutils==0.21.2
@@ -37,32 +37,32 @@ microsoft-kiota-abstractions==1.3.3
 microsoft-kiota-authentication-azure==1.0.0
 microsoft-kiota-http==1.3.2
 microsoft-kiota-serialization-form==0.1.0
-microsoft-kiota-serialization-json==1.2.0
+microsoft-kiota-serialization-json==1.3.0
 microsoft-kiota-serialization-multipart==0.1.0
 microsoft-kiota-serialization-text==1.0.0
 msal==1.30.0
 msal-extensions==1.2.0
 msgraph-core==1.1.2
 multidict==6.0.5
-mypy==1.10.1
+mypy==1.11.1
 mypy-extensions==1.0.0
-opentelemetry-api==1.25.0
-opentelemetry-sdk==1.25.0
-opentelemetry-semantic-conventions==0.46b0
+opentelemetry-api==1.26.0
+opentelemetry-sdk==1.26.0
+opentelemetry-semantic-conventions==0.47b0
 packaging==24.1
 pathlib2==2.3.7.post1
 pendulum==3.0.0
 platformdirs==4.2.2
 portalocker==2.10.1
 pycparser==2.22
-PyJWT==2.8.0
-pylint==3.2.5
+PyJWT==2.9.0
+pylint==3.2.6
 pyproject_hooks==1.1.0
 python-dateutil==2.9.0.post0
 requests==2.32.3
 six==1.16.0
 sniffio==1.3.1
-std-uritemplate==1.0.3
+std-uritemplate==1.0.5
 time-machine==2.14.2
 toml==0.10.2
 tomli==2.0.1