However, the decision was considered a hawkish hold after six policymakers voted to maintain rates and three supported a 25-basis-point increase to 4.00%. Despite the hawkish vote split, Sterling failed to retain support against the Yen. The Japanese currency strengthened abruptly across the market, sending USD/JPY below 160.00 and causing substantial declines in EUR/JPY and GBP/JPY. Thursday’s movement therefore appears consistent with a possible intervention aimed at reducing excessive and one-sided currency volatility. Short-term technical analysis:On the 4-hour chart, GBP/JPY trades at 213.06, extending a bearish near-term bias after slipping well below its recent consolidation range.