eFXdata reports that ING Research discusses USD/JPY outlook.

"Our bond strategy team feel that thin summer conditions and heavy Fed buying are behind drops in US yields – such that the move will be reversed in September. That could keep $/JPY supported. We targets the USD/JPY at 111, 113, and 115 in 1-, 3-, and 12-months. Probably the biggest risk to USD/JPY now is that the Delta variant shuts down Asia and especially China more broadly – prompting a re-assessment of global growth and equity valuations. But that seems a risk case at present. Instead, a Fed sounding quietly confident can see US money market rates & $/JPY firm up," ING adds.