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Yen Weakening to 90 Per Dollar Is ‘Best Bet,’ RBS’s Gibbs Says

The yen may extend its slide to 90 per dollar by the first quarter of next year or sooner, according to Greg Gibbs, a senior currency strategist at the Royal Bank of Scotland Group Plc.

Gibbs, based in Singapore, spoke today with Susan Li on Bloomberg Television’s “First Up.”

On the Yen’s outlook:

“This is the biggest story in foreign exchange at the moment. The yen’s in the process of a major sentiment turn here.”

“How high can it go? Well I think we can really get to 90 before we really need to ask that question because the economic conditions as they are now aren’t really a restraint on dollar-yen going higher.”

“By Q1 next year is easily achievable, if not sooner.”

On currency strategy:

“The best bet is to sell yen. I like dollar-yen higher, I’m not as bearish to the dollar as many are. I think the dollar is basically getting close to the point to where it’s had its biggest negative move on quantitative measures from the Fed.”

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