TOKYO – The yen’s 10% tumble so far this year has the makings of the kind of wildcard that global investors hate.
Granted, Asian governments from Seoul to Jakarta are plenty used to Tokyo’s mercantilist predilections. Since the 1990s, the biggest consistency among the blur of Japanese leaders who came and went is maintaining a weak yen to juice exports.
Today’s government headed by Prime Minister Fumio Kishida seems more than happy to keep this cycle going. Yet there is good reason to worry Tokyo is courting more trouble than ever before.