USD/JPY: Tactically cautious on the yen – Goldman Sachs

The Goldman Sachs analysts point out three key developments that occurred over the past week, which make them a bit less constructive on the Japanese yen in the near-term. Key quotes “First and foremost, the US 10-year TIPS yield rose by over 10bp in the days following the Georgia Senate run-off elections. JPY tends to be the most vulnerable G10 currency to a back-up in long-end real rates, and we expect this theme to remain in focus for now.” “Second, senior Japan officials met last Thursday to emphasize authorities’ focus on maintaining “stability” in financial markets (according to Bloomberg), after … (full story)

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