Citi forecasts USD/JPY to stay within ¥158‑¥160 per dollar despite narrowing U.S.–Japan interest rate spread.
The bank expects BOJ to keep policy rate unchanged next week, and equity strength may keep yen under pressure.
If USD/JPY breaches ¥160, Citi anticipates yen‑buying intervention, pulling the pair down to around ¥155, the near‑term downside cap.
Iran ceasefire could halt oil price rise, but strong Japanese equities may still limit yen recovery.