Goldman Sachs: Yen remains best hedge against further AI selloff

Goldman's framing matters less as a currency call than as a signal that the AI trade is now being discussed in hedging terms by major banks, which tends to accompany a shift in how positioning is managed rather than a change in fundamentals. The yen's appeal here rests on its established role as a funding and safe-haven currency, so the note implicitly ties AI risk appetite to carry-related flows. The absence of levels or targets leaves the substance thin. Whether other banks echo the yen-hedge framing, and whether AI-linked assets show renewed downside, is the open question.