Goldman Sachs has turned more bearish on the Japanese yen, saying that the currency is likely to weaken further against the U.S. dollar and a Japanese market intervention to support the currency will only have a temporary impact.
The Wall Street bank raised its forecasts for the dollar-yen exchange rate to 162 in three months, 163 in six months and 165 in 12 months, from its earlier projections of 160, 158 and 155, respectively.
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