10/16/09 Stockholm, Sweden – Lately the dollar has been a punching bag for both public and private leaders in Japan (well… among many others). The most recent jab comes out of analysis by Sumitomo Mitsui Banking Corp’s chief strategist Daisuke Uno. In addition to the usual complaints of “excess consumption” and a “financial bubble,” he adds his prediction that the US dollar will fall from about 90 yen, where it is currently, to 50 yen.
The piece doesn’t offer a timeline for the weakened exchange rate, but he does indicate that the “US economy will deteriorate into 2011.” It’s already the case that the dollar has been nearing a 14-year low versus the yen.
More proof that it’s apparently irresistible to not kick the dollar when it’s down. Additional details are available from Newsmax in its coverage of the dollar crashing to 50 yen.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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