Citigroup believes there is room for the yen to weaken because Bank of Japan Governor Kazuo Ueda is unlikely to send a more hawkish signal than expected by the market. “We are increasing the 1-month USD/JPY 160.50/162 call option spread,” analysts Daniel Tobon, Osamu Takashima, and Brian Levine wrote. They claimed that the sharp decline in USD/JPY was “in line with the trend seen during the previous intervention period.” Analysts also said, “We think there is room for USD/JPY to rebound tonight and is expected to rise thereafter.”

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