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- Goldman Sachs discusses USD/JPY outlook in light of its forecasts revision.
- “While the BOJ’s apparent flexibility on the current policy stance has shifted the balance of risks in favor of further Yen strength, the combination of no imminent exit from YCC and our more constructive view on US growth for 2023 relative to consensus fears of a recession should allow the Dollar to hold its ground against the Yen in the near-term,” GS notes.
- “Taken together, we see less scope for Yen depreciation in the short-term and have pulled forward the timing of appreciation, revising our USD/JPY forecast path to 132, 125, 125 in 3m, 6m, 12m (vs. 136, 136, 126 previously),” GS adds.
