George Soros: Japanese Policy Dangerous, Yen Could Collapse


George Soros: Japanese Policy Dangerous, Yen Could Collapse

George Soros was on CNBC tonight for a rare interview. George Soros mostly spoke about Japan and the BOJ’s new aggressive pro inflation policy. The interview took place at the Institute for New Economic Thinking in Hong Kong. He thinks Japan should have acted long ago to fight deflation while Europe is now making many of the mistakes Japan made 20-25 years ago. Some key points:

What Japan is doing is a sensation. Prime Minister Shinzo Abe broke some of the rules of monetary policy. its a very daring undertaking

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European austerity program is actually leading the eurozone into exactly same policy Japan is now trying to escape after 25 years

George Soros noted that the total amount of quantitative easing  underway in the Japan is the same as America. However, Japan is only one third the size of the USA. Therefore, the QE in Japan is three times as large as the Fed’s QE in the US.

What Japan is doing is actually quite dangerous…They may not be able to stop it. “If the Japanese yen starts to fall in value and the people of Japan lose faith and don’t want to invest their money in the Yen, they may put their money abroad, which could cause the Yen’s fall to become an avalanche.

When asked about reports that Soros has made a billion by shorting the Japanese Yen, Soros responded “I think the Bank of Japan is eager to have people do that.”

George Soros says Myanmar is on the right track. It’s a good investment and they need it.

Regarding China, Soros thinks the country probably has the most dynamic market in the world. However, the country has to change it’s growth model, deflate its property bubble.

11:08PM EST UPDATE: The full 20 minute video interview is now embedded below:

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