The Japanese yen has captured a lot of investor attention since at long last it began weakening against the U.S. dollar in September.
Investors are betting newly-elected Japanese Prime Minister Shinzo Abe will be successful in reflating the Japanese economy.
Today, the yen is flying lower. Right now, it's down near 1.9 percent against the dollar on the session – no small move in foreign exchange markets – and it finally broke the key psychological level of 90 yen per dollar this afternoon. Today marks the first time since June 2010 that the USD/JPY currency pair has breached that level.
It's since backed off a bit from that ¥90 level, but it's still right there after today's big rally:
Part of the impetus for the rapid decline of the yen today came from reports earlier that the Bank of Japan is weighing a number of options to expand its monetary easing measures at its next policy meeting on Tuesday.
Markets anxiously await the announcement.
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