Having reached a historic high against the dollar last year, the sky seems to be the limit for the yen as it forges on against the euro.

But pundits say the perks of the euro being below ¥100 are limited and that its impact on the Japanese economy could be more damaging than the weak greenback.

"Obviously this will influence Japan's exports to Europe," Hiromasa Yonekura, chairman of Keidanren, told a news conference last week. "There is concern that it will have an impact on our economy. We do not have resources to solve the issue. This is becoming serious."