The GBP/JPY pair saw a decline after the release of mixed UK employment data on Tuesday. The ILO Unemployment Rate (3M) rose to 4.3% in March from 4.2% previously. The number of unemployed individuals increased by 46,000 to 1.49 million, with a rise in those unemployed for up to 6 months. The UK Employment Change came in at -177K in the three months to March.
Huw Pill, Chief Economist at the Bank of England, mentioned the possibility of rate cuts over the summer. On the JPY front, former Bank of Japan’s executive Kazuo Momma suggested that the central bank is likely to delay its next rate hike until September to gather more information.
Japan’s Finance Minister Shunichi Suzuki stated that the government is working with the Bank of Japan to align policy objectives regarding foreign exchange and closely monitor movements in the Japanese Yen.