GBP/JPY pulls back from extremes after the recent bout of Yen weakness. The Pound Sterling weakens after the BoE distribution of voting shows no-one voted for a hike. Japanese PMI data shows steady progress higher, UK data is mixed. GBP/JPY is down over half a percent on Thursday, trading in the 192.000s, after a combination of the results of the Bank of England policy meeting and weaker-than-expected UK PMI data, weighed on the Pound Sterling .
In Japan the opposite happened after the Bank of Japan raised interest rates, at its March meeting. Strangely the move failed to support the Yen. Reasons given were that it was widely telegraphed prior to the meeting, and that at between 0.0% and 0.1% interest rates in Japan are still very low compared to other major economies and unlikely to rise much in the future. This suggests the Yen will continue to be used as a funding currency – borrowed to purchase higher yielding peers.
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