Here are the 2 conditions that need to be met for the yen to bottom out, reverse its fall

This is via a Société Générale note on the weak yen. It comes amidst all the chatter of potential Bank of Japan intervention in the currency (to buy the yen) and the wariness that such intervention by the BOJ, without coordination with the Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the Read this Term and/or otherDM central banks is likely to be of only short-term impact, not enough to sustain a yen reversal after its precipitous decline.

SG point to two necessary conditions for a sustained gain for the JPY JPY The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by Read this Term, warning that stand-alone intervention from the BOJ is not enough:

• • “Unilateral intervention could keep USD/JPY from scaling new highs but won’t be enough to reverse the downtrend.”
  “We see two conditions necessary for a sustainable reversal in the JPY:

• 1. The Bank of Japan abandons curve control

(this is, in a nutshell, the 10y JGB cap at 0.25%)

• 2. A recession unfolds in the US and causes US Treasury yields to fall

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ICYMI, recent posts on the yen as background and what to watch for.

• Here's what to watch for to warn of imminent Bank of Japan (BOJ) yen intervention

• The 4 things to watch prior to Bank of Japan FX yen intervention
• Japan's Katayama: Japan lacks effective means to combat yen's sharp falls
• BOJ reportedly conducted rate check in apparent preparation for currency intervention
• Take note of the harsher words coming out of Japan on the yen weakness