The immediate outlook for the dollar-yen pair is for its grind higher to continue, with currently nothing to detract from attractiveness of the short-yen carry trade, even after adjusting for volatility, says Ray Attrill, head of FX strategy at National Australia Bank. But it will be a grind, given the ever-present threat of foreign exchange intervention, he adds. That said, given the "zero bang for the big bucks" the Ministry of Finance and Bank of Japan got with intervention in April, it is understandable that Japanese officials would be hesitant to run a repeat exercise for the same zero return, Attrill adds. Not that they might not feel obligated to try sooner rather than later, so as not to be accused of crying wolf, he adds. (james.glynn@wsj.com; X @JamesGlynnWSJ)