Don't be fooled by the yen's recent resilience against the dollar — it's dropping against the rest of its major peers at the fastest pace in six months.
Japan's currency slumped 3.3 percent over the past four weeks against a basket of nine developed-nation counterparts even as it traded in a range of just ¥2 around 120 per dollar. It dropped the most against the pound, which was supported by the U.K. election result, and Norway's krone, which is rising in line with oil.
The yen's weakness over the past two years came as the Bank of Japan pursued policies including unprecedented bond purchases, seeking to revive an economy that has spent more than a decade battling deflation and a strong currency.