SOCGEN analysts say Japanese authorities may intervene further to support the
yen, but a sustained rebound requires an improved growth outlook. Japan still
holds roughly $1.3 tln in FX reserves to defend the currency, though weak growth
expectations should limit yen upside. SOCGEN notes the sharp equity rally could
signal an economic turnaround. Forecasts: USD/JPY 157 by year-end, 154 by Q2
2027.