ฉันทามติเกี่ยวกับความยั่งยืนของ JPY ที่อ่อนค่าคืออะไร?

I think you're spot on about the structural reasons. It's not just the rates; the BoJ's overall dovish stance and the current global economic outlook seem to be creating a perfect storm for sustained JPY weakness.

It's mostly rate differentials, but don't discount the BoJ's reluctance to intervene strongly. That indecision just fuels the carry trade.

Could it be partly due to the massive trade deficits Japan has been running? That has to play a role beyond just interest rates.