GBP/JPY down as weaker-than-expected U.K. February house price balance, lingering U.K. fiscal health concerns prompt investors to reduce risks, says Mizuho Corporate Bank senior market economist Daisuke Karakama; "players remain very sensitive to the U.K.'s huge deficit issue and economic fundamentals." GBP/JPY down almost 90 sen at 135.22 vs New York overnight level. Adds, "I don't expect the pound to rise back to pre-Lehman levels" in long-run (unit at 198.15 at end of August 2008). Says BOE may be forced to execute further monetary easing, which could weigh on unit. GBP/JPY's floor at 134.00.