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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Former Soros Adviser Predicts Japanese Financial Crisis

Sep 29, 2013
Jing Chen

The former adviser to longtime hedge fund manager George Soros has predicted that there will be an inevitable fiscal crisis in Japan by 2020.

Takeshi Fujimaki, who is now a member of Japan’s upper house of parliament told Bloomberg last week that he believed the “financial crisis will come sooner or later” and he “[doesn’t] think Japan can survive until 2020.”

The article stated that the country’s public debt totaled 924.4 trillion yen ($9.37 trillion) in 2011 and has increased to more than one quadrillion yen.

Fujimaki also compared Japan’s current debt situation to Russia when it defaulted in 1998, predicting that the yields on 10-year Japanese government bonds may increase to 70%. However, he added that one possible solution to delay the crisis would be to cut corporate tax so that “Japanese companies can be competitive globally.”

Fujimaki began working at Soros Fund Management, once the world’s largest hedge fund, in 2000 and stayed for less than a year.

 

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