So if one was thinking of being short the yen, you were pushing against a very, very large current account surplus, about 3% of GDP. But When the Japanese switched off the nuclear reactors, they had to start importing more fossil fuels. And it took the current account to a deficit. but nothing really happened. The yen was kind of bouncing around between 78, 82 and 83. And then a contact in Japan, great fellow, Funabashi Son, Japanese journalist, thinker, policy person, called and said, there's this fellow called Abe. (12:31–12:42)
CLAIM
Asserts that Japan's current account moved to a deficit due to increased fossil fuel imports after shutting down nuclear reactors.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
