Abenomics will accelerate Japan’s descent into financial crisis
Japanese finance minister Akira Amari sounded warnings this week that the dramatic fall of JPY had gone far enough, yet the fundamentals of Japan’s economy are so dire that further falls in the currency are highly likely.
The verbal intervention stabilised USD/JPY just above the psychologically key 100 level. However, it looks like 110 is still in the cross-hairs as the US Federal Reserves is stepping up the rhetoric on slowing and eventually ending its quantitative easing programme. But over the longer term, there is potential for USD/JPY to go a lot lower as Japan faces a looming fiscal crisis.
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