JP Morgan - "USD/JPY targets have been raised to 94 for Q1, 97 for Q2 and Q3, and 96 for Q4. The main driver of JPY weakness has been an “inflation expectations bubble” spurred by unrealistically high hopes for Abenomics. We expect the JPY will continue to decline in trade-weighted terms, but in a choppy fashion. In particular, investors are likely to be disappointed by the modest outcome we expect from the BoJ’s April 4 meeting (the first under the new Governor and Deputy Governors)."