US May Step Up Verbal Intervention on Yen Rout, Jim O’Neill Says
- Prominent economist says weakness becoming more crisis-like
- Market moves suggest Japan intervened again Thursday
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US officials already have a watchful eye on the yen and may resort to more “specific” and “public” rhetoric to help Japan stabilize its currency rout, according to Jim O’Neill.
The speed and scale of yen declines suggest the weakness is becoming more like a currency crisis and the market is possibly closer to the “end game,” the prominent economist said in an interview. O’Neill was the former chief economist at Goldman Sachs Group Inc. who coined the BRIC acronym to describe emerging-market powerhouses Brazil, Russia, India and China two decades ago.