Dec. 22 (Bloomberg) -- Eisuke Sakakibara, formerly Japan’s top currency official, said the yen may climb to 80 to the dollar early next year.
Japan’s governent would find it difficult to intervene effectively to weaken the yen, Sakakibara said at an event today in Tokyo hosted by Citigroup Global Markets Japan Inc.
A stronger yen, weaker stocks and deflation could cause Japan’s economy to face a double-dip recession, he said.
Sakakibara became known as “Mr. Yen” during his 1997-1999 tenure at the Ministry of Finance for his efforts to influence the yen rate through verbal and actual intervention in the currency markets.
To contact the reporter on this story: Rocky Swift in Tokyo at rswift5@bloomberg.net
Japan’s governent would find it difficult to intervene effectively to weaken the yen, Sakakibara said at an event today in Tokyo hosted by Citigroup Global Markets Japan Inc.
A stronger yen, weaker stocks and deflation could cause Japan’s economy to face a double-dip recession, he said.
Sakakibara became known as “Mr. Yen” during his 1997-1999 tenure at the Ministry of Finance for his efforts to influence the yen rate through verbal and actual intervention in the currency markets.
To contact the reporter on this story: Rocky Swift in Tokyo at rswift5@bloomberg.net
Source: Bloomberg
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