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Goldman Sachs Analysts Believe Yen ‘Ideal’ Hedge Against US Recession

May 11, 2022 by Forex Winner Leave a Comment

Goldman Sachs Analysts Believe Yen ‘Ideal’ Hedge Against US Recession

Source: Business Insider

The Japanese yen is an “ideal” hedge against the risk of a recession in the United States, given its weak performance against the greenback, according to analysts of Goldman Sachs. EWJ is up 0.24%, while BBJP is up 0.23%.

  • Analysts led by Karen Reichgott Fishman believe that the yen is the cheapest safe-haven asset by far, given its historically cheap levels.
  • The Japanese currency fell to a 20-year low in the past week, dragged by the wider gap between interest rates in the United States and Japan.
  • The depreciation comes amid the decision of the Bank of Japan to keep policy rates unchanged.
  • The Bank of Japan also vowed to maximize the country’s 10-year government bond yield at 0.25% while its 10-year Treasuries are yielding over 3%.
  • Fishman said the latest development has “opened up significant value” for the yen, as the central bank accounts for a 35% chance of a US recession in the next 24 months.

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