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GBP/JPY falls for a second straight day as bears attack 161.50 during the Asian session on Thursday. Recent weakening in the cross-currency pair may be attributable to sluggish US Treasury yields and risk-on news from China and Japan.

In spite of this, US 10-year Treasury rates increased the highest in a week and reached a two-month high of approximately 3.10% the day before yesterday. However, contradictory concerns appear to have recently plagued US bond sellers.

Elsewhere, Bloomberg reported that China's Cabinet, State Council, presented a 19-point policy package on Wednesday while promising CNY1 trillion ($146 billion) in economic stimulus measures to promote growth hit by covid lockdowns and the property crisis.

The monthly economic report of the Japanese government, on the other hand, maintained the opinion that the country's economy is "modestly picking up" while upgrading the projection for manufacturing output. An earlier Reuters poll stated, "If Prime Minister Fumio Kishida deems inflation considerably beyond target to be too costly for consumers and businesses, he might still exert pressure on the central bank."

A light calendar maintains the market's attention on the Jackson Hole Symposium moving forward. However, stories from China and Japan, not to mention news on UK politics and Brexit, may also provide GBP/JPY traders with entertainment.

GBP/JPY remains on the back foot and may reach the 200-day simple moving average (SMA) support near 159.00 unless it recovers above the prior support line from early March, which was near 163.00 as of press time.

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