Dennis Gartman: Favorite Japan Trade

As if the stock market isn't struggling with enough, a short while ago Tokyo introduced a major wildcard into the mix - leaders in Japan decided to embark on a new and somewhat aggressive monetary policy.

After struggling with persistent deflation, The Bank of Japan announced a policy that rivals the QE program introduced in the US by Ben Bernanke.

The BOJ announced plans to double its holdings of long-term government bonds and exchange-traded funds and purchase Japanese government bonds (JGBs) of all maturities.

The BOJ also said it will pursue this line of monetary policy indefinitely; until it achieves its goal - an inflation rate of at least 2%. (Read More: Bank of Japan Unveils Aggressive Monetary Policy)

The move was widely considered a shot across the bow –that after years of struggling with deflation, Japan will do whatever it takes to break the cycle.

Since the announcement the yen has grown appreciably weaker with the US dollar hitting a 4-year high against the yen on Wednesday.

As Japan's currency loses value, pros largely expect investors to cash out of yen nominated securities and into other, more attractive investments.

In fact, according to strategic investor Dennis Gartman, money is going almost anywhere but Japan. He says most major currencies of the world are all gaining against the yen.

Peter Adams | The Image Bank | Getty Images

"It's also going to US stocks, European stocks, Canadian stocks as well as gold, and other commodities; it's just leaving," said Gartman.

And it's that in-flow into commodities that intrigues Gartman. He thinks the trade is to own gold in yen terms.

That is "In equal amounts I'm buyer of the GLD and a seller the FXY, the ETF that tracks yen. That makes you long gold in yen," he said.

Trader Guy Adami, managing director of stockMONSTER.com, said he prefers to keep it simple. "I'd just short yen," he said.

Trader disclosure: On April 10, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Grasso is long AAPL; Steve Grasso is long ACI; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long HPQ; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long T; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long PG; Steve Grasso is funds long UAL; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long GNC; Karen Finerman is short SPY; Karen Finerman is short IWM; Josh Brown is long DVYE; Josh Brown is long PFE; Josh Brown is long IJH