The trigger may be the interest rate delta between the Fed and BOJ but I actually think there’s broader concern about the long term integrity and strength of the Japanese economy as a whole.
Typically in periods of uncertainty even if interest rates were rock bottom JPY would appreciate because people still viewed the Japanese economy as a safe haven.
I think what we’re starting to see is an erosion of that confidence – so I don’t think this is temporary (maybe not at these levels) but Japan does have deep, structural economic problems.
https://www.reddit.com/r/japan/comments/y952ja/i_think_the_yens_weakness_will_be_permanent/
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Japan needs a serious leadership overhaul. We can’t have a bunch of old farts with their heads up their asses making backwarded decisions.
Too late for Japan, it’s a matter of damned if they do damned if they don’t – weakening the Yen kills consumption or making an increase on rates will make debt repayments more expensive . The US are ahead of the curve and controlling the market foreseeable future.