The Japanese yen has been on the decline for some time, but there seems to be an upside to this story for the Japanese economy. The decreased value of the JPY has helped lift Japanese exports, which has subsequently helped to temporarily lift Japanese equities. While a weaker currency often spells economic struggle, in the case of Japan it may represent the ability to return to high levels of growth.
The yen has seen significant losses versus a number of the major currencies. Versus the US dollar, the yen has fallen back towards 92.00, while the EUR has actually climbed towards 112.00. Even the British pound has made modest gains, ascending to 134.00 as of this morning. With no major news expected out of Japan today, it seems safe to assume that the present trends may continue throughout the day.