Currency Market: Japan and Rogers

currency market: Rogers, chairman of Rogers Holdings and Beeland Interests Inc. who founded the Quantum Fund with George Soros in the 1970s, was in Japan to promote his most recent book Warning to Japan which came out in Japanese in July, according to The Japan Times. You have decided de facto to have a declining standard of living because your debt goes up every day and your population goes down every day, he told the Foreign Correspondents' Club of Japan. As far as I can see Japan doesn't have a good future, Rogers said at a news conference in Tokyo, warning that the compounding of problems could even lead to social unrest and capital flight from the world's third-largest economy. ; These problems could be compounded by disarray in the global currency market in the foreseeable future, caused by skyrocketing debt and little inclination to practice austerity by world governments, he said. Referring to the government's relaxation of immigration controls to welcome some 340,000 foreign workers in the next five years, intended to help combat the issues, he called the move wonderful as a gesture. As for the planned increase in Japan's consumption tax by 2 percentage points to 10 percent on Oct. 1, Rogers said that rather than raising taxes, Prime Minister Shinzo Abe should focus on cutting spending not with an axe but with a chainsaw. But Rogers said he believes it will be too little for a country of 125 million, preferring worldwide open borders. (news.financializer.com). As reported in the news.