In the summer of 1998, the Japanese currency slid to its lowest level against the dollar since the calamitous burst of the economic bubble seven years earlier. A senior finance ministry official, Haruhiko Kuroda, cautioned that an excessive fall in the yen was negative for the Japanese economy.
In the summer of 1998, the yen fell to its lowest level against the dollar since the disastrous burst of the economic bubble seven years ago. Haruhiko Kuroda, a senior Japanese finance ministry official at the time, warned that an excessive depreciation of the yen would be bad for Japan’s economy.
Nearly one-quarter of a century later, Kuroda is the governor of the Bank of Japan and sounding a familiar refrain as the yen continues its descent through a 24-year low, again breaking the level of ¥137 against the dollar and leaving traders uncertain when the slide will stop.
Nearly a quarter of a century on, Kuroda now heads the Bank of Japan, leaving traders with the yen’s continued slide to a 24-year low, falling below 137 yen to the dollar again. Not sure when the slide will stop, he made a familiar sound again.