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- GBP/JPY falls marginally to near 200.00 after the release of BOJ policy minutes of the July meeting.
- BoJ minutes showed that officials are confident about tightening the monetary policy further in the near term.
- BoE’s Greene warns of upside inflation risks and urges caution on interest rate cuts.
The GBP/JPY pair edges lower to near 200.00 during the late Asian trading session on Thursday. The pair ticks down as the Japanese Yen (JPY) trades higher, following the release of the Bank of Japan (BoJ) Monetary Policy minutes of the July meeting released earlier in the day.
BoJ minutes signaled growing acceptance among policymakers towards raising interest rates further as inflation in Japan remains higher and the United States (US)-Japan trade deal has reduced uncertainty.
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.05% | -0.06% | -0.09% | -0.03% | -0.15% | -0.10% | -0.03% | |
| EUR | 0.05% | -0.03% | -0.07% | 0.01% | -0.07% | -0.06% | 0.02% | |
| GBP | 0.06% | 0.03% | -0.02% | 0.04% | -0.08% | -0.01% | 0.08% | |
| JPY | 0.09% | 0.07% | 0.02% | 0.04% | -0.07% | 0.16% | 0.08% | |
| CAD | 0.03% | -0.01% | -0.04% | -0.04% | -0.09% | -0.06% | 0.04% | |
| AUD | 0.15% | 0.07% | 0.08% | 0.07% | 0.09% | 0.33% | 0.11% | |
| NZD | 0.10% | 0.06% | 0.01% | -0.16% | 0.06% | -0.33% | -0.17% | |
| CHF | 0.03% | -0.02% | -0.08% | -0.08% | -0.04% | -0.11% | 0.17% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Last week, the BoJ held interest rates steady at 0.5% and kept the door open for further monetary policy tightening.
Going forward, investors will focus on the Tokyo Consumer Price Index (CPI) data for September, which will be published on Friday. Tokyo CPI ex. Fresh Food is expected to have grown at an annual pace of 2.8%, faster than 2.5% in August.
Signs of price pressures accelerating would prompt speculation for an interest rate hike by the BoJ in the near term.
Meanwhile, the Pound Sterling (GBP) trades broadly calm as investors look for fresh cues about whether the Bank of England (BoE) will cut interest rates further this year. According to Reuters, the BoE will hold borrowing rates steady in the remainder of the year.
On Wednesday, BoE Monetary Policy Committee (MPC) member Megan Greene stated that the central bank needs to exercise caution on interest rate cuts as “risks to our inflation outlook have shifted to the upside”, Reuters reported.
