Bank of America Global Research provides the latest investors feedback on JPY intervention.

"For the first time in years, we didn't meet a single yen bull during our mid-year investor meetings last week, consistent with speculative yen shorts close to 20-year highs. Investors do not expect intervention to be effective in keeping USDJPY below 160," BofA notes.

"Pushback on our cautiously optimistic view on JPY, premised on more balanced flows, focused on Japan's reflationist policy, including the government's vocal stance on monetary policy. Investors do not think we are yet at pain thresholds in USDJPY and JGBs that would lead to a more prudent policy mix," BofA adds.