A gradually sinking yen might be a boon for exports. Its effects would depend on the balance of trade at the time.<p>But really the main reason markets aren&#x27;t bailing out of the yen, as with the dollar and euro, is that there&#x27;s a real shortage of better places to go. Much of the developed world is at near-zero interest rates - negative in a few places. The developing world is not stable enough to take in much investment.