Via Bloomberg, comments from Goldman Sachs strategist Zach Pandt, the firm's co-head of global FX, rates and EM strategy. Sees two broad scenarios for the yen to strengthen

  • firstly in the near term in a US economic downturn
  • or, alternatively, due to central bank policy shift or intervention

The latter would come from inflation finally reigniting in Japan, because of high commodity prices, the weaker currency and the reopening of the economy.


Seems to me both scenarios are not near-term.

USD/JPY update:

usdyen Goldman Sachs update 09 June 2022