Goldman Sachs on its JPY bias over the short- and long-term.

"With a relatively in-line BoJ out of the way, near-term catalysts for JPY strength look limited. But the potential for continued signs of a possible GPIF allocation shift over time, as well as the new quarterly pace of hikes from the BoJ and likely continued AI-related volatility, should further support JPY, especially if some reallocation becomes visible in the data," GS notes.

"Overall, we continue to favor being short EUR/JPY over the shorter-term as we see several EUR-negative risks to navigate in the months ahead, but we think USD/JPY has further to fall over the longer-term," GS adds.