Despite the weak Japanese yen, Japan's trade imbalance is going more negative. (The short yen fund, YCS is rated "buy".) Exports are just not growing. This could imply that the Japanese government will continue to maintain a weak yen. The Nikkei Asian Review reports "Tatsuo Yamasaki, who was involved in a large yen-selling intervention, was named vice minister of finance for international affairs. Some market experts say Yamasaki's appointment shows the government intends to fight yen appreciation."
Not only has the yen been weak but the Euro was weakened by the Euro-zone sanctions against Russia. This has been a positive for the dollar, which has risen to a 5-month high against the Euro and a 1-month high against the Swiss Franc. This was good for our investment in UUP, rated "hold".
Disclosure: The author is long YCS.