Don't get used to a strong yen.
Whether or not Japan calls in the helicopters, an expected double bazooka of fiscal and monetary easing trained on its economy will bring down the high-flying currency.
The big catalyst for a change in the yen's direction was likely to come from Prime Minister Shinzo Abe's ruling coalition winning a landslide victory in upper house elections over the weekend, a development analysts said would make it far easier to push through his economic agenda, dubbed Abenomics.
Analysts expected Abe's coalition would now be able to push through fiscal stimulus of potentially as much as 20 trillion yen ($190 billion), which would be around 4 percent of gross domestic product (GDP).
The Bank of Japan (BOJ) was already widely expected to introduce further easing, potentially as soon as its next meeting, which ends July 29.
The government and the central bank now appear poised to coordinate their firepower.
"The end of this month is D-day," Gareth Berry, a foreign-exchange strategist at Macquarie, told CNBC's "Street Signs."
"We're about to witness the birth of a new type of stimulus which combines fiscal stimulus with monetary stimulus," he said.
"We should see at least 20 trillion yen as an expansion of fiscal stimulus and a corresponding, and by no means coincidental, increase in the BOJ's Japanese government bond (JGB) purchases by the same amount, 20 trillion yen," he said. "It will be explosively yen negative if it's rolled out as we expect at the end of this month."
Berry expected the dollar/yen currency pair would climb to 110 by the end of this month and possibly rise to around 115 after that, compared with 104.14 against the greenback on Thursday morning Asia time.
While speculation that Japan would introduce "helicopter money," or printing money to distribute to the public has risen, the government has denied that's what it has in store. But Berry noted that the name given to the policy didn't matter very much, with the structure of the plan far more important.