Sterling edges up on UK fiscal policy U-turn; yen struggles

Following British Prime Minister Liz Truss's partial reversal of her government's economic plan, the pound sterling edged tentatively upward

while the yen remained stuck near a 32-year low as markets anticipated signs of assistance from Japanese authorities.

After Truss said on Friday that Britain's company tax will increase to 25% in April of next year rather than remain at 19% as part of her government's initial "mini-budget," the pound increased by 0.42% to $1.1225.

The announcement came shortly after she replaced Kwasi Kwarteng, the former finance minister, with Jeremy Hunt.

Former foreign and health minister Hunt has pledged to restore Britain's economic credibility by publicly disclosing the government's spending and tax plans, but he has insisted that Liz Truss continues to be in control of the nation.

Despite a warning from Downing Street that doing so may lead to a general election, British legislators will attempt to remove Truss from office this week, according to the Daily Mail.


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Leaving for the US to attend G-20 and IMF meetings is the finance minister