For the first time since September 2008, the GBP/JPY pair surpassed 197.00 on the chart as markets confront the Bank of Japan (BoJ) directly and pummel the Yen to levels not seen in decades.

The BoJ's continued implementation of its ultra-easy monetary policy incited a widespread sell-off of the yen. The Japanese central bank will resume the purchase of Japanese government bonds on a large scale, and in a generally disappointing BoJ performance, Governor Kazuo Ueda merely paid verbal service with little action regarding Yen exchange rates, inflation, and interest rate forward guidance.

Next week will feature a mild economic calendar from the United Kingdom and an early Tuesday update on Japan's retail sales figures. The growth rate of retail trade in Japan is anticipated to decelerate to 2.2% for the fiscal year ending in March, from 4.6% in the preceding period.