Foreign-exchange forecasters are the most divided about the yen in almost a year.

The Japanese currency has defied predictions and it rallied more than 6 percent in February, the biggest monthly surge since 2008, as investors sought haven assets.

The gulf has widened between analysts' forecasts, with Barclays PLC, the world's third-largest currency trader, projecting a further 16 percent rally to 95 per dollar by year-end, while Goldman Sachs Group Inc. projects a 14 percent tumble to 130 within 12 months.