USD/JPY mostly follows US yields. Economists at Société Générale expect the pair to end the year at the 125 level. 

US yields are still the Yen’s main driver 

“Day to day, the USD/JPY still tracks US yields, but Friday’s parliamentary hearings should give us a chance to gauge Governor-nominee Ueda’s views.”

“We still expect to see 2023 end with the USD/JPY at 125 and 10y Treasury yields significantly lower than today.”

See: USD/JPY to tick down toward 125 over coming months – Rabobank