GBP rising vs USD, JPY due to buying from non-Japanese hedge funds, as they likely have many short positions that must be covered, say senior dealers at major banks in Tokyo. "There were still some investors who haven't been able to adjust their positions to market conditions after Sunday's Greece announcement," one says. Greek Finance Minister George Papaconstantinou said Sunday he expects final terms of IMF, EU rescue package to be ready by early May. But Mizuho Corporate Bank's senior dealer Satoshi Tate says it's too early to become bullish on GBP because risk from upcoming U.K. elections remains; if ruling party unable to maintain majority in parliament at coming elections, government may face difficulty eliminating budget deficit, a negative factor to U.K. bonds. Dealers say GBP/USD may rise to recent high of 1.5525 vs last 1.5450. GBP/JPY may rise to psychological resistance of 146.00 vs last 145.54.
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