Credit Suisse discusses USD/JPY outlook and maintains a bearish bias on USD/JPY, expressing that via a short exposure targeting a move towards 125. 

 "Looking for USDJPY to move only slowly towards 125.00 in coming months, rather than collapsing through that level quickly. On this front, we note that our Japan economist expects the BOJ under likely new Governor Ueda will announce in April a review of the current monetary framework and in June abandon elements such as YCC while hiking the IOER to 0.15%," CS notes. 

"Still, with the 10 -year JGB yield again pushing against the 0.50% upper band, the pressure to take fresh action such as another band widening well before June will likely stay alive. Ueda’s Lower House hearing on 24 Feb will be carefully scrutinized for policy shift clues," CS adds.