GBP/JPY falls back under 160.00 mark as yen shorts pared, bears eye retest of 158.00 support By Frank_Macro GBPJPY BOE BOJ
and Japanese government policymakers regarding JPY weakness. GBP/JPY thus dipped as low as the 159.00 level at one point but has since recovered back to the 160.00 area, where it continues to trade with on the daily losses of around 0.5%, meaning the pair has reversed nearly 3.0% lower versus earlier weekly highs in the mid-164.00s.
Recent BoJ insistence that it wants to stick to ultra-dovish policy, which it has backed up in recent days via market interventions to prevent Japanese 10-year yields moving above the top of the -0.25% to 0.25% target range, isn’t likely to change any time soon. That means that, even if the BoE is sounding much less hawkish as of late, rate differentials are likely to continue moving in sterling’s favour .
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