USD/JPY reached 137 on Tuesday. Economists at Commerzbank believe that the pair could test the 140 level. 

Yen stands no chance

“It is still not foreseeable that the Bank of Japan (BoJ) will become less expansionary in any way or shape. On the contrary: the risk of the (global) economy cooling rather causes it to consider whether it might have to become more expansionary if need be.”

“As long as the market doesn't reduce its Fed rate expectations significantly the pair is likely to test the 140-mark sooner or later. The yen simply does not stand a chance against the US dollar.”