Goldman Sachs highlights 3 JPY relative-value trades.

"For investors that have high conviction on the path of rates, the JPY tends to be the best vehicle of expression—though tactical risks include a potential surprise from the BoJ and greater interest in debt limit hedges as the deadline looks increasingly likely to get pulled forward. Second, for investors that instead have high conviction on more resilience in equities and flattish rates, long EUR/JPY looks particularly attractive," GS notes. 

"For investors most bearish on equities on the view that stocks need to catch down to rates, short AUD/JPY and short CAD/JPY should be near the top of the list," GS adds.