The land of the rising sun has a currency with further to fall.
That's the word from anumber of currency strategists, who are watching Japanese Prime Minister Shinzo Abe press the Bank of Japan for aggressive stimulus action and a higher inflation target at its upcoming meeting. Some say that even if the central bank does less than expected, the yen will still continue its slide.
"People are so excited about this trade. Investors have waited three years for a big dollar-yen move up," says Amelia Bourdeau, director of foreign exchange at Westpac Institutional Bank. "Even if the BOJ disappoints on expectations, buy on a dip."