Currency markets have been on tenterhooks this week to see if the yen will finally hit the psychologically important level of 100 against the dollar. However, some analysts say the significance of such move should not be overdone.
"I think it could very well be today or this week, we are very close [to the yen hitting 100 per dollar]... But I don't think there is nearly enough significance in hitting that level as one might think," said Ilya Spivak, currency strategist at forex news site DailyFX.com.
"If dollar/yen were to close above 100 and push meaningfully higher, that would be something. But without fundamental follow-through, it could be a hit that really peters out," he added.
The yen weakened to around 99.94 against the dollar in early April after the Bank of Japan unveiled radical monetary policies. It flirted with the level again this week amid relief that G-20 nations shied away from criticizing Japan's monetary policies at a gathering last week.
(Read More: Ssshh! Why Japan Is Keeping Quiet on the Yen)
On Wednesday, the currency traded at about 99.5 to the dollar. It has weakened about 25 percent against the greenback since mid-November when Shinzo Abe, elected as Prime Minister in December, first pledged to revive the flagging Japanese economy.
Japan's economic policies received some negative attention this week, after credit ratings agency Standard & Poor's and the Organization of Economic Cooperation and Development both questioned the nation's ability to revive economic growth.
The OECD praised Japan's quantitative easing program, but urged structural reform, while S&P expressed doubts over whether the Japanese government could win its battle with deflation.