JPY Investors on increasingly high alert for potential intervention, notes Citi.
"While we retain some skepticism on a sustained JPY up move, we believe intervention is less likely at present given international policy trend towards accommodating USD weakness and potential limited impact so far ahead of likely fiscal stimulus. This argues for some further JPY appreciation," Citi argues.
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Turning to AUD, Citi notes that the RBA failed to validate market expectations on currency concern.
"This is AUD-positive, but the impact has been overwhelmed by global developments. AUD weakness on the crosses likely presents a buying opportunity," Citi advises.