British Pound weakens against Japanese Yen as latter outperforms
The British Pound (GBP) is down 0.5% at around 210.30 against the Japanese Yen (JPY) during the European session on Thursday. The cross faces selling pressure as the Japanese currency outperforms even as the Bank of Japan (BoJ) is expected to leave interest rates unchanged at 1.25% next week.
The British Pound (GBP) experienced a 0.5% drop, reaching approximately 210.30 against the Japanese Yen (JPY) during the European session on Thursday. Despite the Bank of Japan's (BoJ) expectation to maintain interest rates at 1.25% next week, the Japanese currency outperformed. The Japanese Yen also showed strength against the New Zealand Dollar.
All surveyed economists expected the BoJ to keep interest rates unchanged during their policy meeting on October 30. However, 83% of economists anticipate the central bank will increase its policy rate in December, up from 35% last month. BoJ Governor Kazuo Ueda's remarks have also reinforced expectations that the central bank is on a monetary tightening path.
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