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• Goldman Sachs discusses USD/JPY outlook in gentle of its forecasts revision.
• “Whereas the BOJ’s obvious flexibility on the present coverage stance has shifted the stability of dangers in favor of additional Yen power, the mixture of no imminent exit from YCC and our extra constructive view on US development for 2023 relative to consensus fears of a recession ought to enable the Greenback to carry its floor towards the Yen within the near-term,” GS notes.
• “Taken collectively, we see much less scope for Yen depreciation within the short-term and have pulled ahead the timing of appreciation, revising our USD/JPY forecast path to 132, 125, 125 in 3m, 6m, 12m (vs. 136, 136, 126 beforehand),” GS provides.