Speaking in an interview with CNBC’s David Faber, DoubleLine’s Jeff Gundlach said that the Japanese yen is going to 200 against the dollar.
Gundlach said that over the long term, the yen’s value will continue to erode as Japan continues to get slammed by long-term economic headwinds like an ageing demographic and a need to import much of its energy.
When asked for a timeframe, Gundlach said less than ten years, and maybe more like 3 to 5 years.
On Monday, the yen fell in value against the dollar to more than 106, a move that Gundlach said, “almost looked manipulated.”
Here’s a chart of the yen over the last year, showing the breakout the currency has seen in the last month as the dollar continues to gain against most major currencies.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.