Core Viewpoint - Morgan Stanley indicates that the dovish stance of the Bank of Japan and the hawkish signals from the Federal Reserve have sparked speculation about a new round of yen carry trades during the summer holiday season, but the situation may reverse in light of weak U.S. non-farm payroll data [1] Group 1 - The strong performance of USD/JPY relative to its implied fair value suggests that there is ample room for a decline in USD/JPY [1] - Morgan Stanley maintains a bearish position on USD/JPY at 147.70, with a target of 135 and a revised stop-loss level at 151 [1]