Goldman Sachs now expects the yen to strengthen to ¥150 per $1 over the next 12 months, reversing a prior bearish view that targeted ¥165. It raised 3-month and 6-month targets to ¥158 and ¥155. The revision reflects faster-than-expected BOJ rate hik

2026-09-25

Goldman Sachs now expects the yen to strengthen to ¥150 per $1 over the next 12 months, reversing a prior bearish view that targeted ¥165. It raised 3-month and 6-month targets to ¥158 and ¥155. The revision reflects faster-than-expected BOJ rate hikes and a higher likelihood of domestic capital repatriation to Japanese assets. Goldman strategist Karen Leischgott Fishman wrote: "These developments jointly increase the attractiveness of long yen, especially if markets begin to worry about recession risk, as the yen can provide some protection."