Credit Suisse staying flat on USD/JPY around current levels.

"We are not yet minded to enter short USDJPY spot trades despite much more favourable trade location however, given negative carry and the absence of a likely near -term catalyst for a reversal," CS notes. 

"The point is more that USDJPY spot levels and sentiment are finally at levels where option trades can be owned as an acceptable risk / return tail trade, rather than a core view with a very narrow path to a profitable end outcome as was the case ahead of the 18 Jan BOJ meeting," CS adds.