Goldman Sachs reverses yen exchange rate forecast in three months
Forecast that held firm against market intervention moved after Bank of Japan rate hike
Early July 2026
12-month target 155 yen → 165 yenWeak yen outlook
Premised on sustained high US interest rates and gradual Bank of Japan hikes
Late July
Dollar-yen nears 164 yen range
Approaching lowest yen level in about 40 years
August
Estimated maximum $85 billion intervention over two days
Goldman maintains 165 yen target — judges only the path has changed
September 2-4
Low 160 yen range → low 155 yen range
Plunged three days after US Treasury Secretary's call for rate hikes
September 18
Bank of Japan raises base interest rate to 1.25%
Signals possibility of additional tightening
September 25
12-month target 165 yen → 150 yenShift to yen strength
3 months 158 yen · 6 months 155 yen · 12 months 150 yen
Source: Bloomberg, Seoul Economic Daily, Investing.com, Exchange Rates UK, Money Today