Investors are beginning to show signs that any further intervention by Japan to support the embattled currency will have less of an impact than before.

One-week implied volatility in the dollar-yen has fallen to trade well below highs seen last month, even as the currency pair closes on ¥145.90 per dollar — a level that triggered a near $20 billion intervention from the Finance Ministry. The Japanese currency has fallen for eight weeks in a row, its longest-losing streak since May.

"I’m actually surprised dollar-yen vols are as low as 10.1% given all the focus on central banks prepping for currency management/intervention,” wrote Pepperstone Group head of research Chris Weston in a note Sunday. "With dollar-yen making new highs the prospect of the Ministry of Finance intervening to halt the yen move is elevated.”