Goldman Sachs Group Inc. expects the yen (JPY=X) to climb to the low 140 levels against the dollar this year as jitters around US growth and trade tariffs bolster demand for the safest assets.

“The yen tends to do best when US real rates and US equities are falling together,” Trivedi said in an interview in New York. Japan’s currency “screens as a more attractive hedge for the downside view on US growth than it has done for some time.”

Goldman’s call comes as President Donald Trump prepares to unveil sweeping tariffs on Wednesday — a move that Morgan Stanley and former Federal Reserve officials have warned may dent growth in the world’s largest economy. But there’s little consensus on which assets will fare well as the global trade war heats up, with hedge funds still holding to bets that the yen will decline from current levels. Goldman’s economists recently revised their US policy forecasts to three interest-rate cuts this year from two on expectations that Trump’s tariffs will weigh on the economy. The bank also slashed its S&P 500 (^GSPC) target again, citing concerns around growth and tariffs.

While levies are a risk, Trivedi sees US economic data such as the payroll number on Friday as a bigger driver for the greenback. Recent moves back his view: the yen strengthened after US jobs opening figures on Tuesday added to evidence that the employment market is gradually cooling.

“If the US labor market data surprises on the weak side, that is going to be a much more important focal point for FX market investors and generally global market investors who are very focused on the US growth outlook,” he said. “And for that concern, the yen is a very good hedge.”

But, there are risks to the trade. Japan’s currency has depreciated over the past four years due to the nation’s yawning interest-rate gap with the US and tumbled to 161.95 in July, the weakest since 1986.