Barring a big move higher in the next couple of sessions, the yen (FXY -0.2%) appears set to end 2013 pretty close to the year's low, the dollar buying more than ¥104 this morning vs. less than ¥80 in November 2012.
"We do not believe that the current pace of yen depreciation is sustainable," says JPMorgan's Junya Tanasa, expecting an unwind of the popular Nikkei long/yen short trade at some point in 2014.
For a contrary view, check out Kyle Bass, who contends the real move lower in the yen hasn't even begun yet. He's calling for dollar/yen rising all the way to ¥200 and - as we've all seen - once currencies get a head of steam going in a certain direction, no one can be sure of where the move will stop. ¥350? Why not?