The GBP/JPY cross drifts lower for the second straight day on Thursday and retreats further from over a three-month peak, around the 199.80 region touched the previous day.
GBP/JPY attracts sellers for the second successive day amid the post-BoJ JPY strength. The BoJ rate-hike uncertainty and reduced bets for more BoE rate cuts to limit losses. Traders now look to the post-meeting conference for some meaningful opportunities. Spot prices slide below the 198.00 mark after the Bank of Japan announced its decision during the Asian session, albeit remain confined in a familiar range held since the beginning of this week.
Bank of Japan FAQs What is the Bank of Japan? The Bank of Japan is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%. What has been the Bank of Japan’s policy? The Bank of Japan embarked in an ultra-loose monetary policy in 2013 in order to stimulate the economy and fuel inflation amid a low-inflationary environment.
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