JP Morgan Research maintain a bearish outlook for the JPY targeting USD/JPY at 164 by year-end.

"The BoJ data suggest that yen-buying intervention on April 30 amounted to about JPY 4 trillion. In the following several business days, as markets thinned out during Japan's holiday season, there were moves on May 1, 4, and 6 that raised suspicions of intervention. In fact, the BoJ data suggest that yen-buying intervention totalling JPY 4-5 trillion may have been conducted over this period," JPM notes.

"That said, as our mid-term JPY-bearish view was based on the assumption that intervention would be conducted before USD/JPY reached its cycle high of 162, the recent intervention does not change our view. Therefore, we keep USD/JPY targets unchanged at 158 for 2Q26, 160 for 3Q26 and 164 for 4Q26," JPM adds.