By Rocky Vega
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 is a regular contributor to The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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