Goldman Sachs discusses USD/JPY outlook and sees a limited scope for further downside in the near-term.

"Speculation around a surprise policy adjustment at Governor Kuroda’s last meeting in March has increased, despite Professor Ueda having so far suggested support for the current policy stance, including most recently at his testimony to the lower house. Such speculation combined with elevated recession concerns should keep any Yen underperformance somewhat limited," GS notes. 

"But we have repeatedly said that US real rates should matter most, and thus the current market environment looks less favorable for significant USD/JPY downside, even in the case of a hawkish BoJ policy shift," GS adds.