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Race to the Bottom
by James Rickards Daily Reckoning
The currency wars are alive and well. Here’s the latest battle…
Over the past nine months, the Japanese yen rallied 13% against the dollar. But now the yen has started to fall in value.
This decline is not surprising. Japan’s economy has been flirting with recession. A new recession, likely in my view, would be the ninth recession since the historic stock market and real estate crash in Japan in 1990.
In the early 2000s, the phrase “lost decade” began to be applied to Japan’s economic performance over the course of the 1990s. The lost decade started with the popping of one of the greatest stock market bubbles in history.