• GBP/JPY chalks in a fresh multi-year high of 202.73 on Tuesday.
• Guppy on pace for a sixth straight month of gains.
• FX markets continue to sell off the Yen broadly.

GBP/JPY continues its march higher as the Japanese Yen slumps across the board. Buried beneath irreversible market flows, the Bank of Japan (BoJ) remains stubbornly planted in a hyper-easy monetary policy stance. Attempts to verbally talk the Yen back up, up to and including veiled threats of direct market intervention, have done little to stem the tide of short pressure built up in JPY markets.

A quiet early—to mid-week economic calendar leaves the Guppy churning on thin market flows. The back half of the trading week promises a more impactful schedule, with Japanese inflation and UK Gross Domestic Product (GDP) figures on the agenda.

Japanese Large Retail Sales will kick off the Guppy’s late-week release schedule early Thursday. Japanese Retail Trade is expected to print a slight decline to 2.0% from 2.4% for the year ended in May. The Bank of England’s (BoE) latest Financial Stability Report will also be released on Thursday.