Goldman Sachs Bullish on Yen, Predicts Rise to 150 in Next 12 Months

Goldman Sachs expects the yen to rise to the 150 level in the next 12 months, shifting to a bullish stance. The firm believes that changes in domestic policy in Japan and potential capital repatriation will enhance the prospects for a stronger yen. Goldman Sachs strategist Karen Leung Fishman has raised the yen exchange rate forecast from 165 yen to 1 dollar to 150 yen to 1 dollar, while adjusting the 3-month and 6-month targets to 158 and 155 respectively. The adjustments are primarily based on the Bank of Japan's interest rate hikes occurring faster than expected and the increasing likelihood of domestic funds returning to Japanese assets. These changes enhance the attractiveness of going long on the yen, especially as the market worries about recession risks, where the yen can provide some protection.

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