Rabobank expects the Japanese yen to strengthen over the next few months as markets anticipate another Bank of Japan rate hike, a move that could ease pressure for official currency intervention.

In a note to clients, senior FX strategist Jane Foley said the yen’s recent weakness against the U.S. dollar raises the risk that Japan’s Ministry of Finance might step in to support the currency if losses persist.

However, Foley said growing speculation about a possible BoJ rate increase in December could help the yen recover before intervention becomes necessary. Rabobank forecasts the dollar will fall to ¥147 within three months, compared with recent levels above ¥154.