Michael Wan, senior FX strategist at Mitsubishi UFJ Financial Group, says market participants are likely to remain cautious on short-term yen bets given the risk balance. Yen net-short positions remain near historic highs and Japanese authorities may be trying to force position unwinds. Whether the yen can extend Thursday’s 3.3% rally will likely depend on market reaction to the BOJ policy meeting. Mitsubishi UFJ said it will remain cautious on USD/JPY into the weekend and early next week.