In its MarketBeat column, The Wall Street Journal quotes Axel Merk's negative view on the yen:  

"The U.S. isn't looking to intervene in the currency (particularly when they're telling Japan's neighbor, China, that they should allow the yuan to float freely), so that would leave the Europeans alone, and Axel Merk, portfolio manager of the Merk Hard Currency Fund, doesn't see them doing anything.

' They'd be throwing taxpayer money away if they were to intervene,' he says. Talking tough will have to suffice, and even that will only provide a short-term boost, he says. 'In the medium-term I don't see how it has any chance,' he says. ' The yen is pretty much doomed .' "