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Goldman Sachs: The Case Against Sustained Yen Depreciation

JPY

Monday saw Goldman Sachs note that "the Yen was the worst performing G10 currency in Q1, likely due to the sharp rise in U.S. bond yields. Over the short term, risks for USD/JPY will likely be skewed to the topside until markets have fully discounted the coming vaccine-led surge in growth and inflation. However, we still expect Yen appreciation vs USD in the medium-term, and are holding our 12-month USD/JPY target at Y103. Our dovish Fed forecasts, the swing to speculative Yen shorts, limited evidence (at least so far) of rising bond outflows from Japan, and the currency's cheap valuations all argue against extrapolating recent depreciation too far."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange Bullets

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