Economists at Wells Fargo doubt the Bank of Japan's FX intervention will prevent yen weakness and forecast a softer yen, which will lift the USD/JPY to 153.

Further softness in the yen

“Japanese growth and inflation are moderate, meaning we do not anticipate any change in accommodative Bank of Japan monetary policy for an extended period.”

“We expect FX intervention by Japanese authorities will have limited effect in preventing further yen declines and forecast the USD/JPY exchange rate to reach 153.00 by Q1-2023.”