Japan's GDP has experienced a significant surge, leading to expectations of increased interest rates in the UK due to rising wages😳
Developed markets gave a totally different story where Japan printed a 6%(!!) annualized GDP (vs 2.9% expected), causing the USDJPY to break 145 and keeping the CNYJPY pair towards its YTD highs at ~20 as the 'beggar-thy-neighbour' depreciation game continues. Across the pond, UK wage growth also came in at 8.2% on a 3m annualized basis, leading to a sharp 10bp jump in September BoE pricing, and 10yr Gilts back to flirting around last October's 'mini-budget' yield highs just ahead of UK CPI.
