MUFG Research discusses the latest wave of JPY intervention.

"On balance, we expect US intervention to support the yen to remain relatively small in scale. While joint intervention may prove more effective at helping to provide support for the yen in the near-term, we still believe that it can only buy time. There will need to be a change in fundamentals as well to encourage a sustainable reversal of the yen weakening trend that has been in place over the last five years," MUFG notes.

"More US pressure on Japan to allow a faster pace of BoJ policy normalization as part of the joint intervention arrangement would an important step to help reverse yen weakness. The Japanese rate market has moved to price in a higher probability of a September hike which is currently priced at closer to 50:50," MUFG adds.