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Market News GBP/JPY surges beyond 162.00 as bets on policy divergence between the BOE and BOJ intensify

GBP/JPY surges beyond 162.00 as bets on policy divergence between the BOE and BOJ intensify

GBP/JPY has firmly surpassed 162.00 as the likelihood of future BOE-BOJ policy divergence increases. The Bank of England's (BoE) officials will be pleased by data indicating a rise in the cost of labor in the United As long as inflation is above 2%, the BOJ may adopt a neutral position.

Daniel Rogers

2022-08-22

783

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The GBP/JPY pair has decisively surpassed the key level of 162.00 as investors anticipate a further escalation in policy divergence between the Bank of England (BOE) and the Bank of Japan (BOJ). After establishing itself over the important barrier of 162.00, the cross is projected to extend its gains.

A substantial increase in Average Earnings in the United Kingdom zone has empowered the Bank of England's policymakers to raise interest rates without hesitation. The labor cost data came in at 4.7%, exceeding both the anticipated 4.5% and the previous release of 4.4%.

Earlier, BOE policymakers were concerned about stagnant family income. The inflation rate in the United Kingdom's zone is growing substantially, and in order to cover the larger payouts, wage growth was fragile. Therefore, the Bank of England's officials did not implement the tightening quantitative measures independently. Now, the significant improvement in the labor cost index will make BOE Governor Andrew Bailey happy as he drafts monetary policy.

The UK Claimant Count Change was reduced to 10.5k, which is less than the anticipated 32k and previous announcement of 26.8k. At 3.8%, the unemployment rate remained constant.

Despite an increase in the National Consumer Price Index, the yen bulls in Tokyo failed to exhibit any buying activity (CPI). The economic statistics came in at 2.6%, exceeding both the consensus estimate of 2.2% and the most recent release of 2.4%. Sustaining an inflation rate above 2% may push the Bank of Japan (BOJ) to adopt a neutral stance in the future; however, policy divergence is about to escalate.