Investors are closely watching the ongoing Group of 20 Nations meeting in Washington to see if Japan comes under fire for following policies that have led to a sharp devaluation of its currency. But analysts say the yen should continue on its weakening path, regardless.
On Wednesday on the eve of the two-day meeting U.S. Treasury Secretary Jack Lew warned against the perils of "beggar thy neighbor" currency devaluations pointing to both China and Japan.
But Kumar Palghat, managing director at fixed income investment firm Kapstream Capital says: "I don't think you're going to get a lot of action from G-20. The yen will get a lot weaker than we are today. Market expectations are somewhere around 100 to 110 [against the U.S. dollar] and I think that's right for Japan."
The yen was trading at 98.3 against the dollar in early trade on Friday.
Since Prime Minister Shinzo Abe first pledged to turnaround Japan's flagging economy through aggressive monetary policy in mid-November, investors have watched the yen weaken 24 percent against the dollar.
But his policies have been met with criticism from other countries as it gives Japanese exporters an edge over rivals like South Korea.
(Read More: Ssshh! Why Japan Is Keeping Quiet on the Yen)
However, most analysts expect the G-20 nations to take a lenient approach on Japan as the economy attempts to drag itself out of 15 years of deflation.
"They [G-20 participants] have made it quite well known that Japan has a free pass on this one. Everyone has come out and said that this is the right thing to do," Peter Whitley, senior forex analyst at Thomson Reuters told CNBC.