GS reckon yen is still undervalued as a safe haven asset:

The 'case for more directional bullish Yen positions has strengthened'

  • USD/JPY forecast is 103 within 3 months
  • Recommend short EUR/JPY, targeting 111

Citing:

  • hedging flows
  • trade war acceleration

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Meanwhile, USD/JPY to its lowest since much earlier this year: