O'Neill: Japan must intervene on yen

The Japanese authorities must stop the yen from strengthening, as exports are the country's only hope for significant growth, says Jim O'Neill.

The global chairman of Goldman Sachs Asset Management says the yen is already significantly overvalued, hitting a new post-war high this morning against the dollar at 79.32. Speaking exclusively to Investment Week at a Bloomberg Hedge Funds London event, he said: "The most important issue is to stop the yen from strengthening because that is economically crazy. "In my opinion, the Japanese authorities need to intervene and do something to reverse it quickly." O'Neill says although the economic implications of the Japan crisis are relatively unknown so soon after the event, he does ...