Goldman Sachs Turns Bullish on Yen, Projects 150 Target Over Next 12 Months

Goldman Sachs has shifted its stance on the Japanese yen, now projecting the currency to reach 150 against the U.S. dollar within the next 12 months. Strategist Karen Reichgott Fishman cited faster-than-expected interest rate hikes by the Bank of Japan and potential capital repatriation as key drivers for the outlook. The firm also adjusted its 3-month and 6-month targets to 158 and 155, respectively, noting that the yen may offer defensive value amid growing concerns over economic recession.