Goldman Sachs on USD/JPY:
- We are revising our 3-month forecast up to 123 (vs. 117 previously) to reflect continued weakness around current levels, with a possible further rise in USD/JPY in the very near term.
- On a longer horizon, we still believe USD/JPY’s upside is constrained as we get closer to historical intervention levels. Additionally, the yen’s deep undervaluation and typical use as a recession hedge could make it an increasingly attractive buy for longer-term investors.
- Combined with our broad views on the dollar, we still see reason to expect yen appreciation over the medium term with USD/JPY at 120 in 6 months and 118 in 12 months (vs. 117 in 6 months and 115 in 12 months prior). )
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