MUFG Research on USD/JPY outlook after the latest wave of yen-buying intervention.

"After such a large FX drop in USD/JPY, market participants’ appetite for buying the yen could remain muted for now. Certain elements of the market, like retail FX margin traders, were short USD/JPY and could be playing a role in providing renewed yen selling flows," MUFG notes.

"Those short USD/JPY positions have probably been liquidated but returning to a carry strategy (rather than directional) may be deemed as more attractive once again at these lower levels, encouraging renewed USD/JPY buying," MUFG adds