Market Insider

The most important indicator in the world right now: The yen

When traders want to know which way stocks are headed, they look to the Japanese yen.

Top strategists on Wall Street say the yen is set to weaken a lot further this year, and that should be a bullish sign for stocks, even with the S&P at record heights.

The dollar currently is trading at 102 versus the . Jens Nordvig of Nomura expects the rate to climb to 110 versus the yen in the second quarter and to 114 by year-end.