Yen to Appreciate to JPY50 per USD!?

Bloomberg is quoting a Sumitomo Mitsui Banking Corp. chief strategist as saying the USD could fall to JPY50/USD next year and eventually lose its role as the global reserve currency. He also sees a likely double dip in the US economy, seeing it deteriorating into 2011 as the effects of deleveraging excess debt take hold. Ostensibly, the USD won't stop falling until there's a change in the global currency system. The strategists believes the big wave of USD weakness can no longer be contained--even with coordinated intervention. The strategist, who is an Elliot Wave chart watcher, sees the USD as being in wave five of a 40-year cycle.

This would appear to be an unmitigated USD crash and burn scenario, not to mention Japan's export sector, which would be devastated by a rough halving of USD vs JPY. If the strategist really believes his call, I hope he has bought his farmland, several months of supplies and guard dog.