As short-sellers circle the yen, a repeat of 1997 Asian crisis looms

Advertisement As short-sellers circle the yen, a repeat of 1997 Asian crisis looms A Japan declining in competitiveness presents a tempting target, with short-sellers likely to also target economies like India and Indonesia 3 -MIN READ3 -MIN Dr Andy Xie is a Shanghai-based independent economist specialising in China and Asia, and writes, speaks and consults on global economics and financial markets. Published: 8:30pm, 15 Jun 2026 Japan is falling into a trap in defending its currency against the US dollar, like Thailand in 1996. Japan’s large forex reserves make the yen a juicy target, rather than deterring currency predators. Its…