ANZ Research discusses the scope for Japan's MoF intervention or coordinated intervention in USD/JPY.

"We view the threshold for intervention as likely to be somewhat above 160, potentially around 164, which USD/JPY could approach if oil prices exceed USD120/bbl. Intervention also becomes more probable if the currency pair moves rapidly in a disorderly fashion.

With the USD currently displaying greater strength, there may be an increased likelihood of coordinated intervention should the upward movement in USD/JPY persist. BoJ’s March meeting minutes were hawkish," ANZ notes.

"Overall, we see USD/JPY remain within a 156-164 range in the coming weeks depending on how the conflict evolves from here," ANZ adds.