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Bets on policy divergence between the BOE and BOJ heighten, pushing GBP/JPY above 162.00

Alina Haynes

Aug 22, 2022 14:55

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As investors prepare for a further widening of the policy gulf between the BOE and the BOJ, the GBP/JPY pair has broken firmly above the 162.00 mark (BOJ). Assuming the cross maintains its footing above the pivotal 162.00 level, further gains are likely.

 

As a result of a significant increase in Average Earnings in the United Kingdom zone, policymakers at the Bank of England have decided to hike interest rates without delay. As for labor costs, they came in at 4.7%, which is higher than both the 4.5% forecast and the 4.4% number that was reported earlier.

 

Earlier, Bank of England policymakers fretted over low wage growth in households. The United Kingdom is located in an area where inflation is rising rapidly; as a result, wage growth has been sluggish as workers try to compensate for rising wages. For this reason, the quantitative tightening measures were not unilaterally implemented by Bank of England personnel. Governor Andrew Bailey of the Bank of England is pleased with the recent surge in the labor cost index, which he will use to his advantage when formulating monetary policy.

 

The new estimated number of UK claimants is 10.5k, down from both the prior announcement's 26.8k and the expected 32k. The unemployment rate has stayed stable at 3.8%.

 

The currency bulls in Tokyo showed no buying activity despite an uptick in the National Consumer Price Index (CPI). Both the median forecast of 2.2% and the most recent reading of 2.4% were surpassed by the actual economic data, which came in at 2.6%. An inflation rate above 2% for an extended period of time may eventually force the Bank of Japan (BOJ) to take a neutral posture, but policy divergence is going to increase.

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