• USD/JPY stands tall near a multi-decade high amid the big US-Japan rate differential. 
• Intervention fears might hold back bulls from placing fresh bets around the major.
• Traders now look forward to the US ISM Manufacturing PMI for short-term impetus.

The USD/JPY pair kicks off the new week on a subdued note and consolidates its recent strong gains to the highest level since December 1986 touched on Friday. Spot prices currently trade with a mild positive bias around the 161.00 mark, though the upside seems limited in the wake of speculations about an imminent intervention by Japanese authorities to support the domestic currency. 

In fact, Japan's Finance minister Shunichi Suzuki told a news conference on Friday that excessive volatility in the currency market is undesirable and that authorities will respond appropriately to such moves. Meanwhile, Japan appointed Atsushi Mimura as the new top foreign exchange diplomat on Friday. The move, however, does little to provide any respite to the Japanese Yen (JPY) as investors are uncertain about Atsushi's stance on currency policy. This, along with the wide interest rate differential between the United States and Japan, might continue to act as a tailwind for the USD/JPY pair.