The yen opened the new fiscal year on a lower note last month, replaying its weak showing in January. It could take time to turn higher.
Unlike its downturn earlier this year, which was caused largely by waves of position-adjustment selling by market players, the trigger for the current weakness is a flight of capital out of the yen.
The global stock market tumble triggered by volatility on Wall Street has prompted foreign investors to unwind their Japanese portfolios.