GBP/JPY remains heavy near 160.00 amid BOJ-led resurgent JPY demand

• GBP/JPY is off the multi-day lows but not out of the woods yet.
• The yen leaps on persistent BOJ bond-buying, Japanese fiscal year-end flows.
• The pound bears the brunt of cautious BOE against the Fed’s hawkishness.

GBP/JPY is reversing a sharp fall below 160.00, as bears take a breather before the next push lower.

The buying interest around the Japanese yen remains unabated, which is likely to keep any upside attempts in the cross short-lived.

The yen gathered sudden strength over the last hour and triggered a huge sell-off in the USD/JPY pair, throwing the yen crosses under the bus.

The Bank of Japan's (BOJ) persistent efforts to defend the yield target at 0.25%, as it continues to buy Japanese Government Bond (JGBs) for the third consecutive day, are finally offering the much-needed support to JPY bulls.

The Japanese central bank has pledged to increase its offers to buy bonds after announcing that they offer to buy 600B yen in 3-5 yr JGBs and 725B yen in 5-10 yr JGBs, earlier on.

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