🇪🇸 **Goldman Sachs: Are Japanese Stocks Flashing 2024 Warning Signs as the Yen Surges?**

Goldman Sachs Research flags eerie parallels to July 2024, when a sudden yen surge triggered a **24% drop** in Japan's TOPIX index.
• Foreign investors' Japanese equity positions now sit **20% above** pre-2024-correction levels, with hedge fund allocations in the **98th-99th percentile** of the past five years.
• GS still raised its 12-month TOPIX target to **4,500** (from 4,400) on strong earnings and AI-driven growth exposure — vs. _3,960_ as of Aug 3.
• Base case is a gradual yen decline, not a repeat shock — but an AI-narrative wobble or geopolitical jolt could trigger rapid de-risking.

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