Wednesday, July 4, 2007

“Japan’s situation is abnormal and lots of people are having a free lunch. There is something wrong here.”

Sakakibara Says Bank of Japan Must Lift Rates to Strengthen Yen

Eisuke Sakakibara, Japan's former top currency official, said the central bank needs to increase interest rates soon because the yen's slide has fueled a ``dangerous'' bubble in carry trades. ``The cheapness of the yen has reached absurd levels and the only cause for that is low interest rates,'' Sakakibara said in an interview yesterday after a speech at the Federal Reserve Bank of San Francisco. ``The Bank of Japan needs to normalize interest rates as quickly as possible.''

Posted by never ending story @ 11:56 PM (370 views)
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