Goldman Sachs Research discusses the latest wave of JPY intervention.

"Japan's latest apparent intervention took a maximal approach, leaning into some negative developments for the Dollar with a combination of what appears to be substantial selling of USD/JPY-BOJ accounts suggest it is on the high end of historical operations-together with reported US "rate checks" followed by US intervention. These actions following Japanese intervention serve as a signal of support for the Yen vs both the Dollar and Euro in an effort amplify Japan's more substantive operations,": GS notes

"And we continue to think intervention is an effective tool for authorities to buy some time before fundamental factors turn more positive...Outside of a change in either the policy mix or global growth outlook, we think encouraging repatriation would be the most powerful policy for influencing the currency over a long period of time," GS adds.