Be careful when you wish for something: it could come true. The ancient joke can refer today to the devaluation of the yen. Since the great crisis began, the yen has been the currency that has appreciated the most, in the real sense (about 20% from 2007 to today). And Japanese producers, who already don't receive much consolation from weak domestic and international demand, have been complaining that the yen is too strong: it had reached levels of 78 against the dollar in November. Now at 87-88 (since the new government calls for wider money creation), but many, including Nissan boss Carlos Ghosn, dream of 100, a nice round number.
However, there is also another concern: that the fall of the yen will become too rapid and too strong. Japan has the highest public debt as a share of GDP in the world and once markets focus on this figure, in the context of an already sagging yen, they could accelerate the fall, with devastating consequences for new debt issuance and the cost of imports (Japan imports nearly all the energy it needs, especially now that most of its nuclear reactors are idle).
http://online.wsj.com/article/SB30001424127887323482504578227474058342656.html?mod=djemITPA_t
