GBP/JPY set a fresh 16-year high on Wednesday, marking the fourth consecutive day the Guppy has reached a new peak as the Japanese Yen continues to tumble.
GBP/JPY continues to climb to fresh highs as Yen extends backslide. Floundering JPY draws out more direct warnings from Japanese officials. Market flows unlikely to change as rate differential remains wide. Increasingly stern alerts from Japanese policymakers regarding the pace of the Yen’s decline has produced very little results as investors await actual policy changes from the Bank of Japan and the Japanese Ministry of Finance .
The back half of the trading week kicks off a raft of impactful data for Japan and the UK, with Japanese Retail Trade figures due early Thursday. The Bank of England will release its latest Financial Stability Report later in the day, leaving Yen pairs to pivot to face down the latest Japanese Tokyo Consum Price Index inflation figures due early Friday. The UK’s first-quarter Gross Domestic Product will be revised to round out the trading week.
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