Bank of America strategist: Structural factors are still expected to drive more selling than buying of the yen.

"Trade negotiations between the US and Japan have made little progress, leading to concerns about the financial situation of the Japanese government, causing the yen and Japanese government bonds to weaken," wrote strategists Athanasios Vamvakidis and Claudio Piron from Bank of America. "We still believe that structural factors will drive more selling than buying of the yen, as recent balance of payments data have confirmed."