We notice the strong downtrend in the USDJPY monthly chart above despite the public intention of the Bank of Japan to defend the 82 level. Nevertheless, 79-80 area might be a decent support and a new level BOJ will try to defend.
The strong Yen appreciation is harmful for the export-based Japanese economy and its stock market. We notice in the monthly chart below that Nikkei Index has managed to recover only 38.2% of the 2007 - 2009 descend..
..while the S&P500 (monthly chart below) managed to recover 61.8% of its descent.
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