Goldman Says the Yen Is a Better Hedge Against AI Market Shocks
Goldman Sachs says changing Japanese policy conditions have made the yen a more effective hedge against AI-related equity and interest-rate shocks, although the broader global environment still points to possible yen weakness. The bank notes that the yen rose against the dollar during a recent global technology-stock selloff before giving back some gains as Treasury yields stabilized. Its strategists prefer selling euros and buying yen in the short term, and selling dollars and buying yen over a longer horizon.
The report links AI-market risk directly to currency hedging and says shifts in Japanese policy may have reduced yen depreciation pressure and lowered its cost as a hedge compared with 2022.
高盛（Goldman Sachs）表示，日圓正逐漸成為防範人工智慧（AI）相關市場衝擊的更有效避險工具，原因在於日本政策環境出現變化，降低了全球殖利率上升時日圓大幅走弱的風險。
包括 Kamakshya Trivedi 在內的策略師在 10 月 23 日的報告中指出，對偏向景氣循環資產的投資組合而言，日圓如今比近幾年更具避險吸引力，儘管整體全球環境仍暗示日圓可能偏弱。
高盛認為，AI 熱潮同時支撐美股與美元，但若市場對成長前景的信心轉弱，股市與公債殖利率可能同步下滑，這種情境往往最有利於日圓表現。上週全球科技股重挫時，日圓也再度展現傳統避險貨幣特性，兌美元一度走升，隨後在美債殖利率回穩後回吐部分漲幅。