1. JPMorgan Chase: Maintains its USD/JPY target at 164, but believes 164 may not be the final level in the medium to long term.
2. UBS: The yen has room to weaken further once the threat of intervention diminishes; therefore, it sets its USD/JPY target at 165.
3. Goldman Sachs: Expects the dollar to remain strong, and therefore raises its one-year USD/JPY target from 155 to 165.
4. Macquarie: Japanese authorities may be preparing for new foreign exchange intervention, but may wait until USD/JPY rises to around 165 before taking action.
5. Royal Blue Bay: If the Bank of Japan fails to significantly adjust its monetary policy stance, the USD/JPY pair could reach 170 or even higher in the long term.