It should, however, be noted that a dim response to the Bank of England’s first medium-term gilt selling operation seem to have teased the pair bears of late.
Furthermore, GBPJPY’s inaction could be linked to news suggesting that the UK Chancellor Jeremy Hunt is set to announce a new tax raid on inheritance, per the UK Telegraph. The news also mentioned that Chancellor Hunt and Prime Minister Rishi Sunak are understood to have agreed to freeze the threshold above which people must pay tax for another two years.
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