Although the yen remains under downward pressure, Washington, Beijing and other countries across Asia have adopted a wait-and-see policy.

In the apparent expectation that Washington will remain committed to a strong dollar policy to help ease Japan's economic predicament, Japanese government officials are openly signaling that they intend to allow the yen to give up further ground against the dollar.

There is also speculation that China is refraining from expressing opposition to the yen's fall, fearing criticism of the undervalued yuan.