Nomura International expects the yen to weaken by more than 3% against the euro by the end of September, and the firm has reopened a position, betting that the yen will erase all gains from intervention and fall to a record low against the euro.

Foreign exchange strategist Yusuke Miyairi has restarted a tactical EUR/JPY long trade at 183.90, a level close to the current market price, with a target of 190 by the end of September and a stop-loss set at 181.

Two weeks ago, a joint U.S.-Japan intervention in the currency market bought yen, pushing the euro against the yen from roughly 187 down to 180; the pair has now recovered 50% of that decline.

Miyairi's forecast anticipates the euro breaking above the April high of 187.95. In a research note, Miyairi stated that although he expects the Bank of Japan to raise interest rates next month, such a move is unlikely to boost the yen.