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GBP/JPY crosses 164.00 as the chance of a BOJ cautious policy grows

Alina Haynes

Jun 17, 2022 12:05

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The GBP/JPY pair has swiftly eclipsed its two-day high and the critical resistance level of 164.00 as the chance of an ultra-loose monetary policy by the Bank of Japan grows (BOJ) (BOJ). A contrast in monetary policy between the Bank of England (BOE) and the Bank of Japan (BOJ) has boosted the pound bulls versus the Japanese yen.

 

Thursday's monetary policy meeting resulted in a 25 basis point (bps) increase in the Bank of England's interest rates. The interest rates are officially risen to 1.25 percent. BOE Governor Andrew Bailey and his colleagues made a conclusion that was consistent with market participants' expectations. In view of inflationary pressures in the UK economy, a 50-bps rate hike should have been enacted, but the BOE's failure to completely tighten monetary policy is a result of lower growth forecasts.

 

The UK Consumer Price Index (CPI) has surged past 9 percent on an annual basis, and growing price pressures are aggressively eating into the wages of individuals. Therefore, the BOE is essential to restore lower inflation levels as rapidly as feasible.

 

Returning to the Tokyo front, the BOJ will continue to infuse helicopter money into the economy since their inflation rate of 2.5 percent per annum is severely polluted by rising oil prices. The BOJ is projected to retain its present posture notwithstanding the continuing of growing price pressures.


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