But fears that fragile US economic growth could slow sharply if $600 billion in tax hikes and spending cuts - the "fiscal cliff" - are allowed to take effect in January will probably keep the yen from depreciating significantly over the next few months.
The consensus view of more than 60 currency strategists polled this week predicted the dollar will trade at 81.5 yen in one month, 82.0 in three, and at 85.0 a year from now compared with 79.5, 79.5 and 83.0 in November's poll. Dollar/yen rose almost 6 percent over the last two months, hitting a 7-1/2-month high of 82.82 on November 22. It was trading around 82 earlier on Wednesday.
In November alone dollar/yen rose 3.4 percent amid speculation the Bank of Japan will ease its monetary policy further based on calls by Shinzo Abe, the head of the main opposition Liberal Democratic Party (LDP).
A strong yen is hurtful to an economy heavily reliant on exports and has prompted the BoJ to intervene in currency markets several times over the past two years to stem its rise.
Abe has called for "unlimited" easing from the central bank to pull the economy out of its decade-long deflation funk and reach a two percent inflation rate. That has prompted strategists to lower their yen forecasts.