Even as the yen trades at more than five-year lows, analysts expect a resurgence of the carry trade will keep Japan's currency on a downtrend well into 2014.
"We're going to see a resurgence of the carry trade," Todd Elmer, currency strategist at Citigroup, told CNBC. "It's not going to explode like a volcano, but we do think it's going to come back," he said.
A carry trade is when investors borrow in a low yielding currency, such as the yen, to fund investments in higher yielding assets somewhere else. A weakening currency is central to the carry trade since it means that investors have less to repay when they cash out of the trade.
(Read more: Could dollar-yen hit 125 next year?)
The so-called yen carry trade was popular in 2004-2008, with the yen weakening about 20 percent against the dollar over that period, but the global financial crisis sapped demand for risk assets and sent investors scurrying into safe havens.
In recent years, the trade has been less popular as monetary easing in the U.S. and Europe kept interest rates for banks artificially low, increasing the appeal of using the dollar and the euro instead of the yen.
"Our expectation for money to flow out of the U.S. and to flow out of Japan is really more a function of the fact that policy is not going to be getting much tighter anytime soon," Elmer said.