The yen could reach as weak as 157.60 against the dollar Thursday, according to Sony Financial analyst Kumamiko Ishikawa, amid receding expectations for an immediate rate hike by the Bank of Japan and growing doubts about a December rate cut by the U.S. Federal Reserve.

Ishikawa noted that profit-taking is likely to occur at the high end of the dollar-yen range. However, she highlighted a key risk for the currency pair: "If the results of the U.S. jobs data due later in the day are stronger than market expectations, the market may further diminish December rate cut speculation, potentially leading to a stronger dollar."

The analyst's comments reflect a market caught between shifting central bank policy expectations, with the yen facing pressure from both a dovish BOJ and a potentially more hawkish Fed.