GBPJPY Despite further YCC correction, the BOJ disappoints

The BOE is losing credibility because it is stimulating the economy too little, too late. At this week's MPC meeting, Governor Bailey will have to hide behind his message that inflation will persist for longer as it becomes more entrenched, but policymakers are keeping interest rates on hold amid concerns about the economy. UK government bonds are poised to match the general global direction and rising yields, with 10-year bonds continuing to rise towards 5%

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Bank of Japan proposes purchase of 100 billion yen in 3-5 year government bonds and 300 billion yen in temporary operations