Sakakibara Says Bank of Japan Must Lift `Absurdly Low' Rates to Help Yen

(Bloomberg) -- Eisuke Sakakibara, Japan's former
top currency official, said the Bank of Japan must raise
interest rates soon because the yen's drop has led to a
``dangerous'' bubble in carry trades.

``The cheapness of the yen has reached absurd levels and
the only cause for that is low interest rates,'' Sakakibara said
in an interview today after a speech at the Federal Reserve Bank
of San Francisco. ``The Bank of Japan needs to normalize
interest rates as quickly as possible.''


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