That matters for the broader yen thesis running through recent coverage, since it implies unhedged repatriation is unlikely to be the mechanism that delivers sustained yen strength. Summary:Goldman Sachs economists say Japanese investors continue to seek foreign investments despite Tokyo's stated plans to redirect capital flows toward domestic markets. Goldman says a Bank of Japan interest rate hike next month would help deliver longer term strength in the yen. Goldman said it may take time before such a policy shift becomes visible in the flow data, and stopped short of ruling out a change altogether. If Japanese capital is not coming home despite policy encouragement to do so, then repatriation is unlikely to be the channel through which sustained yen strength eventually arrives.