J.P. Morgan: Maintains forecast for the USD/JPY to reach 164 in the medium to long term.

"Compared to January, the motivation for the US authorities to conduct a currency rate check may have decreased," wrote Morgan Stanley strategists Junya Tanase and others in a report. "Given that the recent rise in the USD/JPY is driven by overall strength in the US dollar, even if the currency pair trades around the 160 level, it may be difficult to prove the justification for intervention." They maintained their forecast that the USD/JPY will reach 164 in the medium to long term.