GBP/JPY slides to the 177.20 area following BoJ decision – by lilyfinancial GBPJPY BOJ Crosses
n. GBP/JPY currently trades around 177.28, losing 0.64% for the day. The Japanese yen appreciated against its rivals following the central bank'sThe Bank of Japan maintained its ultra-low interest rates on Friday and decided to maintain its short-term interest rates at -0.1% while keeping its 10-year JGB yield target around 0%. Also, the central bank is allowed to make its yield curve control policy more flexible by moving 0.5% around the 0% target.
Japanese Finance Minister Shunichi Suzuki also stated that the central bank is closely watching the Federal Reserve and other central banks' policy decisions. The latest report from the Statistics Bureau of Japan showed on Friday that July's headline Tokyo Consumer Price Index rose to 3.2% YoY from 3.1% prior, against the market expectation of 2.8%. Meanwhile, the core Tokyo CPI, excluding Fresh Food and energy, improved to 4.0% from 3.8% previously. Furthermore, the Tokyo CPI ex-fresh food fell from 3.2% to 3.0% for the same month, against the market consensus of 2.9%.
On the other side, the Pound Sterling weakens as worries of a recession in the UK economy might convince theto aggressively tighten policy. The Bank's most aggressive rate hikes in three decades fuel concern about the impact on the UK’s economy, which exerts pressure on the Pound Sterling. In the absence of top-tier economic data released from the United Kingdom, market participants will digest the data and statements from the BoJ. The JPY's valuation is likely to continue to influence the cross's movement in the next few sessions.
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