Something to digest (not necessarily to act on!) as reported by the Dow Jones News.

Overseas pension funds and other institutional investors are now snapping up the Japanese currency in a reversal from past practice, the Nikkei reported in its Thursday morning edition.
“After the bon holiday period in mid-August, (foreign) institutional investors finally began yen-buying,” says Kimihiko Tomita at State Street Bank and Trust Co.
These institutional investors had previously mostly sold the yen, even as the currency soared, according to an analysis by State Street. They were pessimistic about the economic outlook for Japan, which has been mired in deflation.
But now that the U.S. economy is slowing down, they apparently figured that the yen is a better bet than the dollar.
Professional investors are even credited with spoiling the Bank of Japan’s effort to curb the yen’s surge through additional monetary easing, according to Toru Sasaki of JPMorgan Chase Bank.
Until now, speculative investors were the main yen buyers.
In currency futures trading on the Chicago Mercantile Exchange, the noncommercial category, which includes transactions by speculative investors, is recording over 50,000 contracts of net yen purchases, roughly on a par with levels seen during last year’s Dubai debt crisis.
But because of such high buying levels, it was thought that speculative investors could no longer afford to continue buying, making it unlikely that the yen would climb further, says an official at a domestic bank.
Now, the yen’s advance may go on if institutional investors indeed replace speculative investors as the biggest buyers of the currency.