Goldman Sees Yen Falling Further With or Without Intervention
- YCC policy would also have to be altered to strengthen the yen
- Rate differential to keep pressure on yen as U.S. yields rise
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The Bank of Japan’s yield-curve control policy is weighing so heavily on the yen that intervening in the market to buy the currency would have little impact, according to Goldman Sachs Group Inc. strategist Karen Reichgott Fishman.
“We find it hard to see intervention driving a sustained appreciation,” she wrote in a note, adding that rising U.S. yields should keep pushing the yen lower.