The broad-based Dollar rally has taken USD/JPY well above 150.00. Economists at ING analyze the pair’s outlook.

Intervention cannot completely be ruled out

Because this is a Dollar rather than a Yen-led move, the consensus view is probably that Japanese authorities will not be able to justify any FX intervention. 

We are not so sure and suspect the US Treasury would again accept Japanese intervention to sell USD/JPY should it make a quick move to 152.00. At just 7.45%, one week USD/JPY implied volatility seems too low in that intervention cannot completely be ruled out.