Trader who spotted JPY's 0.5% surge explains why GBP/JPY just crashed below 199.50

The Bank of Japan just pulled off the monetary policy equivalent of saying "maybe later" while somehow making everyone think they're getting serious about rate hikes. Their decision to keep rates parked at 0.4%-0.5% yesterday sent the yen on a victory lap that knocked GBP/JPY from its yearly high of 201.25 straight down to 199.50 faster than you can say "hawkish disappointment."

Here's the twist: the BoJ didn't actually raise rates, but two board members voted to do so anyway. Think of it as the central banking version of "we need to talk" - technically nothing changed, but everyone's suddenl...