Here's the story.

Japan's currency is falling as the new government and the new head of the Bank of Japan are promising A LOT more stimulus to get the country out of deflation.

Britain's currency is falling because the economy is weak, exports are in decline, and it's believed that the incoming Bank of England chief will favor more aggressive monetary policy.

Both have been getting pummeled this year.

And according to Citi's Steven Englander, both have more room to go.

Englander's new now isn't based so much on monetary policy, but on the decline of Japanese and UK exports. He says if weaker currencies are going to help return either of these countries to stages of past glory, then there needs to be a lot more decline.

Here's the key chart from Englander. It's a little complicated, but the top part basically just shows the decline in Japanese exports (as a % of Asian exports in one line and as a % of Asian exports excluding China in another line) as well as the decline of UK exports (as a % of eurozone exports to outside the UK).