Utsumi

All facets' of economic life affectedFormer Japanese finance minister Makoto Utsumi – now president of the Japan Credit Rating Agency – says the coming months will be tough.

Japan Tsunami Damage Cost Could Top $300 Billion 2011

For the reconstruction of our economy, not only regional reconstruction but national reconstruction, I think we have money, we have know-how, we have technology, capability, and we have the courage to face these difficulties and finally we will succeed in making the region and the country brilliant again, Utsumi said.

Japan Tsunami Damage Cost Could Top $300 Billion 2011

Mr. Utsumi declined to make specific currency forecasts, but suggested it may take some more time before the euro starts its recovery as he said "there is no clear-cut solutions to the debt problem."

Ex-Japan Official: Euro Pessimism Overdone Takashi Mochizuki 2011

“As far as the short term is concerned, of course we have a serious challenge before us,” Utsumi said.

Japan Tsunami Damage Cost Could Top $300 Billion 2011

Like Utsumi, many Japanese are determined that their country can repeat the economic miracle of the 1980s – this time turning catastrophe into growth.

Japan Tsunami Damage Cost Could Top $300 Billion 2011

Mr. Utsumi also said the yen is overvalued, but that because currency markets are driven mainly by factors in the U.S. and Europe there isn't much Japanese authorities can do to stem its rise.

Ex-Japan Official: Euro Pessimism Overdone Takashi Mochizuki 2011

"I believe the euro will recuperate its value as European officials muddle through the debt woes," said Makoto Utsumi , who was vice finance minister for international affairs between 1989 and 1991.

Ex-Japan Official: Euro Pessimism Overdone Takashi Mochizuki 2011

Mr. Utsumi, now president and chief executive officer of Japan Credit Rating Agency, estimated that if Germany were to return to its former currency, the mark, its value would rise by 30%, hitting the nation's exporters hard.

Ex-Japan Official: Euro Pessimism Overdone Takashi Mochizuki 2011

Jonathan Ernst/Reuters Former Japanese currency official Makoto Utsumi, right, with Bank of France Governor Christian Noyer in Washington last month Known to be a close friend of Bank of France Governor Christian Noyer, a member of the European Central Bank's board of governors, Mr. Utsumi said in a recent interview that it was unlikely Germany or Greece would opt out of the common currency.

Ex-Japan Official: Euro Pessimism Overdone Takashi Mochizuki 2011

But former Japanese Finance Minister Makoto Utsumi insists this sun will rise once more for the Japanese economy.

Japan Tsunami Damage Cost Could Top $300 Billion 2011