Top Japanese bank says dollar to lose reserve status soon

The dollar will weaken to 50 yen from its current level around 90 yen and, eventually, cease to be the world's reserve currency, says Daisuke Uno, chief strategist at Sumitomo Mitsui Banking Corp.

Plus, he predicts, the U.S. economy will experience a double-dip recovery, which will keep the currency weak.

"The U.S. economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger," Uno told Bloomberg.

"The dollar's fall won't stop until there's a change to the global currency system."