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Pound edges up versus yen as BoJ signals no near-term change
GBP/JPY has been capped around 210.00 since Sept. 24, and the yen stayed flat after the BoJ offered no fresh signal on Oct.
The pound rose against the yen as Treasury yields eased, while the yen held steady after the Bank of Japan provided no new signal during October, according to FXStreet.
FXStreet said the GBP/JPY rate has been capped three times around 210.00 since Sept. 24, with trading still near the top of a band it has contained since early September.
The outlet noted Bank of Japan Governor Ueda said the central bank intends to keep lifting rates, with futures pricing translating into a later timing rather than an earlier one.
FXStreet added that the UK Bank Rate stands at 3.75% and the BoJ rate at 1.25%, implying a 2.50-point yearly carry benefit from holding pounds versus yen before any move in the exchange rate.