{"id":22308,"date":"2023-07-31T09:00:59","date_gmt":"2023-07-31T09:00:59","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=22308"},"modified":"2023-07-31T09:00:59","modified_gmt":"2023-07-31T09:00:59","slug":"gbp-jpy-surges-to-a-three-week-high-of-182-80-182-85-on-broad-jpy-weakness","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/gbp-jpy-surges-to-a-three-week-high-of-182-80-182-85-on-broad-jpy-weakness\/","title":{"rendered":"GBP\/JPY Surges to a Three-Week High of 182.80-182.85 on Broad JPY Weakness"},"content":{"rendered":"<h1><span style=\"font-weight: 400;\">GBP\/JPY Surges to a Three-Week High of 182.80-182.85 on Broad JPY Weakness<\/span><\/h1>\n<p><span style=\"font-weight: 400;\">The <strong>GBP\/JPY<\/strong> pair has seen a significant rise for the second consecutive day on Monday, reaching a three-week high in the early European trading session. The pair is currently hovering around the 182.80-182.85 region, a surge of over 650 pips from Friday&#8217;s lowest point since June 13. This upward trend is largely due to the widespread weak performance of the Japanese Yen (JPY).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indeed, the JPY is one of the worst-performing currencies among the G-10 and is under pressure due to an unexpected operation by the Bank of Japan to purchase \u00a5300 billion ($2 billion) worth of Japanese government bonds (JGB). This marks the first such operation since February 2022 and comes after a notable increase in the yield of 10-year benchmark JGB to a nine-year high, triggered by the BoJ&#8217;s decision to introduce more flexibility into its Yield Curve Control (YCC) policy last Friday. The BoJ stated that the 0.5% cap for the 10-year JGB yield will now be considered &#8220;references&#8221; rather than &#8220;fixed limits&#8221;.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, initial reactions to this move have been short-lived as markets appear disappointed by dovish comments from BoJ Governor Kazuo Ueda, who reiterated the necessity of maintaining monetary support. In a post-meeting press conference, Ueda stated the central bank would not hesitate to implement further easing policies and emphasized that more time was needed to achieve the 2% inflation target sustainably. These factors, combined with a generally positive sentiment across global equity markets, have led to a decrease in the safe-haven appeal of the JPY and provided a substantial boost to the GBP\/JPY pair.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors remain optimistic about potential stimulus measures from China, which helps balance data indicating a further decline in business activity in the world&#8217;s second-largest economy in July. Additionally, the market&#8217;s growing belief that the Federal Reserve (Fed) is nearing the end of its quickest interest rate hiking cycle since the 1980s continues to support the risk-on environment. Expectations of further interest rate hikes by the Bank of England (BoE) also contribute to the relatively strong performance of the British Pound and continue to drive the GBP\/JPY pair higher.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UK central bank is widely expected to raise its benchmark interest rate by 25 basis points on August 3, bringing it to 5.25%, the highest level since early 2008. Furthermore, the market is pricing in two additional BoE rate hikes by year-end due to sustained price pressures. This stark contrast with the BoJ&#8217;s dovish stance suggests that the GBP\/JPY pair is likely to continue its upward trajectory. Sustained strength and acceptance above the mid-182.00s further validate the positive outlook, suggesting potential for further appreciation in the near term.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/JPY Surges to a Three-Week High of 182.80-182.85 on Broad JPY Weakness The GBP\/JPY pair has seen a significant rise for the second consecutive day on Monday, reaching a three-week high in the early European trading session. The pair is currently hovering around the 182.80-182.85 region, a surge of over 650 pips from Friday&#8217;s lowest<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/MU\/gbp-jpy-surges-to-a-three-week-high-of-182-80-182-85-on-broad-jpy-weakness\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":22309,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[198],"tags":[265,19,237,217,22,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>GBP\/JPY Surges to a Three-Week High of 182.80-182.85 on Broad JPY<\/title>\r\n<meta name=\"description\" content=\"The GBP\/JPY pair has seen a significant rise for the second consecutive day on Monday, reaching a three-week high in the early European trading session\" \/>\r\n<link rel=\"canonical\" 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