I’m going to be the chump and jump on the short JPY bandwagon. I have a low tolerance for risk here, though, so I’ll probably cut with a stop-loss of 0.5% (I sold at ~0.008644 or ~115.68 on the Dec 15’14 futures). I’ll take any loss as a lesson to not screw with Mrs. Watanabe.
The QE news is well known, but currencies will take time to adjust. Structural adjustments will take even longer to flow through (pension reg changes, etc). Abenomics version #1 (Nov 2012) lasted months. I have no reason to believe version #2 won’t last as long (after all, economic data will come at low to medium frequencies).
(On a side note, I put in a tiny long in SLXP after discussion with a friend on Friday).