The Japanese yen has been steadily depreciating since the beginning of the year, thanks in part to the delayed prospect of rate cuts by the US Federal Reserve and the strength of the US economy. Goldman Sachs Research expects the yen to remain at or above 150 to the dollar over a 12-month horizon. In late April, the yen hit 157.8 to the dollar, a level not seen since 1990. On April 29 and May 2, Japan’s finance ministry made two apparent interventions in the foreign exchange markets, selling dollars to shore up its currency. We spoke to Goldman Sachs Research economist Tomohiro Ota and senior currency strategist ... (full story)