My long-term position on the yen is well-known, and the guys at GaveKal agree with me, but they offer this caution about timing. As I mentioned last week, I am buying a home and eventually want to get a yen loan, but I am not rushing it. This long-term move is going to take years, I think, with fits and starts and bumps; and the question I will get will be, “Do you think the yen can drop any further? Didn’t you see what [pick a prime minister] just said?”

Ignore the man behind the curtain.