The Wall Street Journal has a story today about some fund managers who are betting against the yen. It’s not awfully insightful but it’s a decent primer on the case for USD/JPY longs.

Strategists say the economics are leaning toward a weaker yen. with U.S. developments encouraging and those in Japan mediocre at best. Minutes released this week from the Bank of Japan’s late-October policy meeting indicated that three of its nine members were concerned about negative risks to the economy. Board member Sayuri Shirai on Wednesday said the central bank is open to taking further easing steps if economic growth stumbles and deflationary pressures return.

The worry is that the trade is crowded and that’s a legitimate concern but it’s also a reason to be ready to buy on a dip.