GBP/JPY declines by almost one and a half percentage points to trade in the 191.50s on Friday after the news that former Japanese defense minister Shigeru Ishiba beat his opponent Sanae Takaichi to win the ruling-LDP party’s leadership race run-off.
GBP/JPY sells off following the defeat of Sanae Takaichi in the Japanese ruling party’s leadership run off. Takaichi had warned that if elected she would restrict the BoJ from raising interest rates. The Pound pulls back after Bailey indicates steady return to more normal rate environment. Ishiba won by 215 votes to Sanae Takaichi’s 194 votes.
The Pound Sterling, meanwhile, remains on a weaker footing after the Governor of the Bank of England Andrew Bailey said earlier in the week that he saw interest rates continuing to fall gradually. Lower interest rates are negative for the Pound as they reduce capital inflows. “I do think the path for interest rates will be downwards, gradually, to the ´neutral’ rate,” Bailey said on Tuesday.
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