The yen isn't getting much love these days.
Prime Minister Shinzo Abe is pushing hard for aggressive new stimulus measures, and with the Japanese economy stuck in the doldrums, interest rates are already near rock bottom levels.
As a result, the yen has been on a downward spiral for weeks, and there doesn't seem to be much on the horizon to change that.
"Our sense is that the yen's recent decline has been too far and too fast," said Nick Bennenbroek, head of currency strategy at Wells Fargo. "The Japanese currency's fall has potentially overshot some important interest rate fundamentals, while speculative yen short positions are already very large."