eFXdata reports that CIBC Research discusses USD/JPY outlook.

"We remain wary of extrapolating the trend, as Japanese investors are likely to continue to look towards other liquid fixed income markets in the same time zone. Indeed, Japanese appetite for Australian bonds is part of the reason for ongoing AUD momentum. The latest quarterly Tankan business survey, while taken before the full impact of the second wave, showed a modest improvement in sentiment, for the second consecutive quarter. Against a still structurally compromised USD, we expect cautious JPY gains and targets the USD/JPY at 102 in Q1 and at 100 by year-end. Expect the MoF to push back should the JPY advance too quickly," CIBC adds.