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MNI INTERVIEW: Weak Yen Trend Seen Resuming –Ex-BOJ’s Hiyakawa

(MNI) Tokyo
(MNI) Tokyo

The yen could head lower again as U.S. rates stay higher for longer that expected, a former BOJ chief economist says.

There is a strong chance the yen could again weaken from its recent levels of partial recovery against the U.S. dollar as market expectations of U.S. rates rising at a slower pace and then even starting to fall are unlikely to be maintained, a former Bank of Japan chief economist said in an interview with MNI.

“Market players are betting on a U.S. recession and a policy change by the Federal Reserve. But the view is foolish and their assessment is wrong,” Hideo Hayakawa, also a former BOJ executive director and now senior fellow at the Tokyo Foundation for Policy Research, told MNI (MNI INTERVIEW:Fed's Bullard-Rates Could Be 'Higher For Longer').

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There is a strong chance the yen could again weaken from its recent levels of partial recovery against the U.S. dollar as market expectations of U.S. rates rising at a slower pace and then even starting to fall are unlikely to be maintained, a former Bank of Japan chief economist said in an interview with MNI.

“Market players are betting on a U.S. recession and a policy change by the Federal Reserve. But the view is foolish and their assessment is wrong,” Hideo Hayakawa, also a former BOJ executive director and now senior fellow at the Tokyo Foundation for Policy Research, told MNI (MNI INTERVIEW:Fed's Bullard-Rates Could Be 'Higher For Longer').

Keep reading...Show less