The sharp rally in the yen is running into fundamental headwinds, though history reminds us that the current rally could run for much longer. We believe that the Japanese economy is going to have a fiscal crisis in a few years, unless inflation rises from current levels, which is unlikely to happen if the yen strengthens further. We therefore expect to see strong monetary and fiscal measures from the authorities in Japan. We believe that the combination of a stable yen and government support ....