The yen has been sagging since before the December Japanese elections, and it has managed to plumb depths that central interventions haven't come near.
But that pattern could be changing for the near term, according to two currency strategists.
Jonathan Cavenagh, senior FX strategist at Westpac Institutional Bank, told CNBC that while the Japanese government has been extremely effective at talking down the yen, that may not be enough to sustain recent low levels.
"The market's obviously very long dollar-yen at the moment," he says, but "the risks in the period ahead are a lot more two-way price action."