Goldman Sachs Research on yen outlook in light of the latest wave of yen-buying intervention.

"If none of the catalysts for Yen strength materialize, the impact of the intervention should further diminish, clearing the path for the Yen to weaken to fresh lows just as it did in the aftermath of the April-May intervention earlier this year," GS notes.

"The steady climb in USD/JPY since the intervention reflects the underlying depreciation pressures and the lingering skepticism that the domestic policy mix or broader macro backdrop can shift enough to sustainably support the Yen. Additional interventions can continue to buy time and wash out speculative positioning, but only for so long," GS adds.