GBP/JPY trims losses, returns above 199.50 after BoJ Ueda's speech

The Pound picks up from weekly lows against the Yen following BoJ Ueda's conference. solid UK consumption data.

The Yen Jumped earlier on Friday, after a hawkish hold by the Bank of Japan.

UK Retail Sales beat forecasts amid a strong increase in clothing, non-store retail, and specialist food shops.

The British Pound bounced up from weekly lows near 199.35 and returned above 199.50 as the Yen gave away some of its previous gains after BoJ Governor Ueda's press conference. In the UK, upbeatrt retail sales figures have contributed to providing some support to the Pound.

Ueda said that the economy remains resilient despite the impact of tariffs and reiterated the bank's commitment to continue tightening its monetary policy if the economy and prices move in line with forecasts.

Somewhat earlier, the Bank of Japan held its benchmark interest rate at 0.5%, as widely expected, but rattled markets by announcing plans to sell its holdings of exchange-traded funds (ETFs) and real-estate investment trusts (REITs). The Yen appreciated across the board following the decision.

In the UK, Setail Sales data from August beat expectations, showing a 0.5% monthly increase and a 0.7% year-on-year growth, beyond the market consensus of 0.4% and 0.6% respective figures. Excluding fuel, sales of all other products grew 0.8% in August and 1.2% on the year, also above the market consensus of 0.3% and 0.8% respective increases.