The collective talk about its inevitable drop is beginning to sound much like the drum-beat of opinion lasting more than half a decade that said the yen would fall while it stubbornly marched in the other direction.
Only the most spectacular fusillade of Japanese central bank cash in history managed to turn the situation around, and even now the yen is barely trading much weaker than the most conventional of predictions a few years ago.
The latest Reuters FX polls show swathes of the world’s top forecasters standing shoulder to shoulder predicting the euro will fall. The questions left unanswered are why and how.
After all, if a surprise interest rate cut to near-zero leaves the currency 2 percent higher only a month later, what exactly is supposed to happen that will push it the other way?