Economics
Yen to Reach 90 as Negative Rates Fizzle for Mad Dog Wakabayashi
- Yen’s long-term trend seen immune to rate gap: Wakabayashi
- He says markets ignoring Kuroda and his impermissible shocks
El-Erian: Yen Is a Nightmare for the BOJ
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The yen will strengthen almost 20 percent to 90 per dollar by early next year as Bank of Japan Governor Haruhiko Kuroda’s negative interest rates fail to weaken this year’s best-performing Group-of-10 currency, says former trader Eishi Wakabayashi.
Known as “mad dog” for his aggressive trading style during a 50-year career in foreign-exchange markets, Wakabayashi analyzed long-term charts to predict the yen’s record high in April 1995, the end of its strength in the start of 2012, and the ascent toward 100 this year when the currency was around 120. Now he’s forecasting Japan’s currency will rise to levels unseen since January 2013 from 107.66 per dollar as of 7:05 a.m. in London.