Citi Research discusses the scope for another wave of JPY intervention by Japan's MoF 

"We look at the reasons the government has so far deferred a second round of intervention to buy the JPY from the perspectives of 1) the IMF Exchange Rate Classification, 2) Japan's relationship with the US, 3) the economic policies of the Takaichi government, and 4) the overall market environment," Citi notes.

"We continue to see ¥160/$-¥162/$ as the range in which further intervention is likely, with the government likely to aim to push the USDJPY down to ¥155/$-¥157/$. However, in order to maximize the medium-term effectiveness of intervention we believe the rate needs to fall to below ¥155/$ and absorb long-term USD-buy hedging demand at small and medium size enterprises (SMEs) more completely," Citi adds.