JPY: Nomura bank says it's time to sell the yen

Nomura expects action from the BoJ:

"If we look at the correlations between the EUR/USD, USD/JPY and EUR/JPY, we find that in recent months, pairs that included the yen were those who offered the highest correlation, suggesting that our focus should be on the yen, not on the USD or EUR. Focus on the yen versus the dollar and the euro also allows us not to be too dependent on expectations related to the Fed. The Japanese factors are those that will influence the weakness of the yen. On this front, the BoJ will probably again ease monetary policy. A more negative rate, an extension of QE, forward guidance or a combination of all that. This should occur on 21 September or in October or November.

We therefore wish to sell the yen against the euro and the dollar." says Nomura.