The yen destruction is just beginning, and while it might have second thoughts, the eventual end is clear.
It's got a long way to go to get to where it was five years ago and even further if you look at the currency (not the ETF):
Regardless, everything priced in yen is shooting up. Gold/yen? Oil/yen? Back in the old days, Japan didn't worry as much about the price of oil, but now that the public outcry over nuclear has shut down that avenue of production, we'll soon see how much people are willing to pay for their imported electricity. It doesn't help that a weakening currency and horrible demographics will work towards making energy ever more expensive. We call this inflation. It happens when people depend on government and government depends on printing.
As I've stated in the past, perhaps the only beneficiaries of this will be the strong Japanese exporters. Readers already know I like the long equity/short currency Japanese trade (DXJ).
I see it as one of the highest risk/reward investments in the global investing arena at this moment.