Home›Forex›Major Pairs›GBP/JPY rebounds toward 209.00 as BoJ signals data dep…

GBP/JPY rebounds toward 209.00 as BoJ signals data dependent hikes

The yen weakened after Bank of Japan Governor Kazuho Ueda said further rate increases depend on incoming data, while Japan's PPI undershot expectations.

Reported · Written up by our desk · Major Pairs

FXStreet reports the British pound pared losses against the Japanese yen on Tuesday, moving back into the mid 209s after bouncing from intraday lows near 208.90.

The pair was described as hesitating between 209.00 and 210.00 within the monthly range, with GBP/JPY around 209.40 at the time of the update.

The yen’s move followed earlier Japan data and central bank comments, including Producer Price Index (PPI) inflation at the factory gate that contracted for a second consecutive month in September, with the yearly rate easing to 6.8% from 7.6% in August.

FXStreet also cited Bank of Japan Governor Kazuho Ueda saying inflation is approaching the 2% target and that further rate hikes are conditional on incoming data, while noting investors will look to UK GDP and Industrial Production data later this week for signs the Bank of England could raise rates before year end.

More like this

Sources