Thousands of investors have cashed in on Japan’s low interest rates – the lowest in the world – and the Bank of Japan’s reluctance to raise them for fear of deflation.
These investors, many of them ordinary Japanese housewives, have managed this through what is known as the "yen-carry trade".
According to Randall Forsyth of Barron’s Online, the answer is no:
In today’s markets, the ultimate contrarian bet would [be] to buy yen. Were these yen-carry trades… to be reversed, these effective yen short sales would have to be covered, meaning yen would have to be bought."