Yen

The Japanese yen hit a multi-year low of ¥125 to the dollar in June last year, a significant 40% decline from its peak of around ¥75 in October 2011. As a result, the weak Japanese yen drove corporate earnings to record highs in the last few years.

Disappointing Q4

Reduces US dollar exposure

Shifts in currency and equity positions

Tilney Bestinvest has removed its currency euro and yen hedges in the belief that the macroeconomic factors driving weakness in the currencies have now subsided.

Japan is attempting to resurrect its economy, and bringing with it more tourists and eagerly awaited corporate governance reform, says Genzo Kimura, economist at SuMi TRUST

Renewed yen weakness could bring about a fresh global currency war resulting in a 'tidal wave of deflation' in China and the West, Société Générale's Albert Edwards has warned.

WisdomTree has brought two of its flagship currency-hedged ETFs to Europe to offer investors the option to hedge exposure to the euro and the yen.

Columbia Threadneedle's Sarah Williams argues the real value in Japan may now lie in stocks which are off the beaten track.

How far would yen have to fall?