[Former Japanese Forex 'Chief': Yen May Be Undervalued by 20%, Shorts Should Beware of Intervention Risks] Odaily Planet Daily News – Tatsuya Yamasaki, former financial officer of Japan's Ministry of Finance and former head of Japan's foreign exchange policy, stated in an interview on Monday that the yen should appreciate by up to 20% from its current level (approximately 130 yen per US dollar) and refuted the views of those betting on further yen depreciation. Yamasaki said, 'This is no longer a matter of fundamentals but rather how market expectations shift. We are approaching the climax.' He believes the current estimate that the yen is undervalued by 10% may be conservative. 'If the yen rises to around 130, I wouldn’t be surprised. Honestly, that’s my view.' At the same time, Yamasaki hinted that the market should not misinterpret the recent apparent calmness of Japanese authorities as complacency. He stated, 'They have already issued warnings, and anyone still holding short positions on the yen is well aware of the risk of intervention punishment—that is, being forced to close positions. The Ministry of Finance has moved beyond the warning stage, and the authorities have demonstrated their willingness to take action.' (Jin10)