Commonwealth Bank of Australia FX strategist Carol Kong said USD/JPY retains an upside bias and, despite trading near multi-decade highs, immediate fresh intervention appears unlikely. She said recent Japanese warnings were noticeably weaker than the rhetoric used before April's intervention. Thursday’s US nonfarm payrolls could be the next catalyst; a stronger-than-expected print could prompt further repricing of US rate expectations, push USD/JPY toward 165 and test Japan’s finance ministry’s

Commonwealth Bank of Australia FX strategist Carol Kong said USD/JPY retains an upside bias and, despite trading near multi-decade highs, immediate fresh intervention appears unlikely. She said recent Japanese warnings were noticeably weaker than the rhetoric used before April's intervention. Thursday’s US nonfarm payrolls could be the next catalyst; a stronger-than-expected print could prompt further repricing of US rate expectations, push USD/JPY toward 165 and test Japan’s finance ministry’s resolve to defend the yen.