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A Goldman Sachs ICYMI on USD/JPY, this via eFX.

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  • “We are revising our 3-month forecast up to 123 (vs. 117 previously) to reflect continued weakness around current levels, with possible further USD/JPY upside in the very near term,”
  • “On a longer horizon, we still believe USD/JPY upside is limited as we get closer to historical

  • intervention thresholds. 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 reasons to

  • forecasts an appreciation of the yen in the medium term with USD/JPY at 120 in 6 months and 118 in 12 months”,

I posted GS’s USD/JPY forecast revision earlier in the week.


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