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Is the short Yen carry trade now dead and buried? Ishiba appointment sends GBP/JPY tumbling
Well, it was looking pretty good for the GBP/JPY a little earlier this morning. The Pound had lifted to reach its best rebound level since falling back close to the 183 handle just a couple of weeks ago. The GBP/JPY almost got to 196 earlier this morning, but the slide in the USD/JPY that has followed has sent the GBP/JPY tumbling by around 400 points off that high in a matter of minutes. This move has really got the market in the GBP/JPY and the USD/JPY caught badly around the wrong way and it will surely need some comments from the new Japanese Prime minister to help steady the ship. Of course there is no guarantee he will deliver such and the fear for the markets right now; is this appointment will mortally damage the outlook for the carry trade, as if it was not already injured enough. The GBP/JPY is currently trading at 192.45
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