Smashing the yen to save Japan

As Japan's withering trade competitiveness compounds its deflationary problems, Morgan Stanley's former chief Asian economist has warned a sharp currency devaluation is the only solution.

Japanese officials are no doubt breathing a sigh of relief as the yen has weakened against the US dollar this year, but one leading analyst is warning that the Japanese currency is set for a "day of reckoning” that will see it drop 30-40 per cent in value and cause major ripples for neighbouring countries such as China.

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