When it rains, it pours.
Investors should buy assets in U.S. dollars and other currencies of
strong developed nations because Japan may default within five years, Takeshi Fujimaki,
former adviser to billionaire investor George Soros, told Bloomberg.
“Japan is likely to default before Europe does, which could
be in the next five years,” the president of Fujimaki Japan, an investment
advising company in Tokyo, said in an interview yesterday. Japanese should hold
foreign-currency products, such as those denominated in the greenback, Swiss
franc, sterling, Australian and Canadian dollars, Fujimaki said.
Should the Japanese government default, the yen may weaken
to 400-500 per dollar, and the yields on benchmark 10-year bonds could surge
above 80 percent, according to Fujimaki. “I’m buying dollars in case of an
emergency,” he said.
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