It may be the surprise of seeing prices at home go up for the first time in decades, but a split seems to be forming between a growing number of bearish yen watchers in Tokyo and their more positive foreign counterparts.

Having fallen to a 24-year low, strategists are debating whether one of the year’s hottest macro trades — sell the yen — is overdone. Those in Japan suggest there’s still plenty of time to pile on shorts. Not so, according to analysts from Sydney to Geneva who say time is nearly up on the trade as the yen slips further toward the key psychological level of ¥140 per dollar.

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