GBP/JPY Surges to Two-Week High on BoJ Dovish Hike

The GBP/JPY cross has seen a strong intraday rally on Friday, reaching a nearly two-week high above mid-210.00s in the early European session.

This upward momentum is attributed to Japan's National Consumer Price Index (CPI) holding steady in August and core inflation remaining below the Bank of Japan's 2% annual target.

The BoJ's dovish rate hike to a 31-year high has also contributed to the weakening of the Japanese Yen, leading to increased selling pressure.

The British Pound, on the other hand, draws support from bets of a potential Bank of England (BoE) rate hike, further contributing to the bid tone surrounding the GBP/JPY cross.