As the region's economy grows, a common Asian currency will gain favor, says Mr. Yen. ‘The current calm Japan-U.S. economic relationship basically means Tokyo is no longer seen as an economic threat to Washington.’

Sakakibara Eisuke, the man known internationally as Mr. Yen from his time as head of international monetary affairs at the Ministry of Finance, believes that Washington's unilateral action in Iraq has triggered the beginning of the decline of the ‘Pax Americana.’ He foresees that in the mid- to long term, creation of an Asian version of NATO and a common Asian Monetary Unit could become a reality.