Goldman analysts said they prefer being long the yen versus the euro rather than outright dollar-yen in the near term, noting that if there’s any meaningful reallocation of domestic assets by Japanese investors who have foreign assets largely unhedged, it will be a “slower-moving process.”
There’s room for the yen to weaken if assumptions about the pace of Bank of Japan policy tightening become more dovish, according to Goldman Sachs.
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