Earlier post on yen, concerning BOJ efforts:
This also from GS
- yen and gold both haven assets to offset risk off shocks
- yen a cheaper option than gold
- gold-price volatility has made bullish options more expensive than yen equivalents
- "With gold positioning becoming more stretched, the yen might be a more attractive hedge tactically."
GS citing:
- global-growth concerns
- geopolitical concerns
- central banks restarting monetary stimulus
GS also note an outlier risk
- gold and the yen both might benefit in the case of an intervention to weaken the USD
