What is next for USD/JPY? Economists at Bank of America believe that the pair could reach the 160 level.

FX intervention unlikely to stop the upward pressure on USD/JPY

“USD/JPY is likely to retest 150 by the year-end and possibly rise to 155, with 160 in sight.” 

“The MoF would likely intervene as USD/JPY attempts new highs. However, considering it would need to maintain a certain level of liquid, foreign reserve balances at a certain level, markets are likely to see the MoF's firepower as limited and FX intervention is unlikely to be sufficient to stop the upward pressure on USD/JPY.”