Citi on the scope of JPY intervention after the US midterm elections.

"We expect a clear downtrend in the USDJPY to emerge over the long term now that US midterm elections are over, but the risk of JPY weakness will continue to smolder in the short to medium term. In the near term, the key will be the performance of US equities after the elections and the impact on geopolitical risk and crude prices via the situation in Iran,"Citi notes.

"Crude prices are also an important factor in the economic policy outlined by Treasury Secretary Scott Bessent, and we do not expect any change in Japanese authorities' ongoing efforts to defend the JPY. We expect the next round of intervention to buy the JPY if the USDJPY tests ¥160/$, with the authorities likely to try to push the pair below ¥155/$," Citi adds.