Japan's government has spent ~10 trn ¥ ($63 bn) on yen purchases in recent weeks, with potential total up to 30 trn ¥.
BOJ data shows 5 trn ¥ intervened on April 30 and another 5 trn ¥ from May 1‑6, pushing USD/JPY below 155 before rebounding to ~158.
Citi notes reserves above $1.3 tn, down from $1.4 tn in 2022, allowing up to 30 trn ¥ more intervention.
Citi warns high crude oil prices and strong equity markets remain bearish for the yen, likely causing USD/JPY rebound after intervention ends.