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The yen looks like it's ready to get crushed

Passers-by are reflected on an electronic board showing Japan's Nikkei stock average and the Japanese yen's exchange rate against the U.S. dollar (top) at a brokerage in Tokyo.
Issei Kato | Reuters

For those seeking a new reason to bet against the Japanese yen, here's one: a triple-dip recession in Japan.

Japan has slipped back into recession, with the economy shrinking 1.6 percent in the third quarter, surprising economists who forecast it would grow 2 percent.

The takeaway?

Double down on the dollar versus the yen.

How weak can the yen get?

Forecasters are lowering their already bearish targets after the new disappointing economic data.