The Yen sunk to a 3-month low against the Dollar yesterday. According to some analysts the bearish trend could be prolonged, especially if Japanese investors continue to send their money abroad, as has been recently reported. Despite the improved business conditions in Japan, as evidenced by the most recent Tankan Manufacturing Index, JPY is still having a hard time translating the news into positive gains.
Currently USD/JPY is trading around the 93.40 level. While the pair seems to have leveled out at the moment, any positive U.S. news will likely send it to new highs in afternoon trading.