GBP/JPY leaps more than 200 pips into mid-167.00s as yen battering continues By Frank_Macro GBPJPY BOJ Bonds
ields deepened. At current levels in the 167.30s, the pair is trading with on-the-day gains of about 1.3% and is trading at its highest since February 2016.officials this week suggests a shift away from the bank’s flagship negative interest rate and yield curve control policies remain premature to think about, hence the relentless yen sell-off. Given that the Japanese 10-year yield is capped in the 0.
Given that politicians in Japan do seem to be getting increasingly nervous about the impact of yen weakness, the BoJ’s tolerance for a weaker yen is not without limit. Some have speculated that if the current sell-off continues, they might tweak either their rate guidance or YCC. At current levels, yen weakness has not gone far enough to trigger such a shift.
That suggests that, for now, the yen bears have a green light to continue shorting. At 168.00 is a low from late 2014 that could provide some resistance. The next key area of support turned resistance is at 175.00 . That’s a further nearly 5.0% rally from current levels – such a move might be enough to spur some policy movement from the BoJ.
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