The pound traded in a wide range over the past month, as concerns that the UK may face a ‘winter of discontent’ were offset by rising speculation that the Bank of England (BoE) could start hiking interest rates by the end of the year.
Get the latest pound to Japanese Yen exchange rates
Those looking to live, regularly visit or work in Japan will need to convert their pounds to Japanese yen in order to meet the costs involved. People use the GBP/JPY exchange rate to send money to Japan to cover living expenses, buy property, or relocate permanently, and getting the best possible return on such transfers means securing a competitive exchange rate.
GBP/JPY exchange rate facts
The pound’s difficult recovery from the financial crisis and the UK’s subsequent recession was mostly undone by the volatility surrounding the UK’s Brexit referendum.
- The collapse of Lehman Brothers during the financial crisis saw markets fleeing for the safest currencies on the market, causing the GBP/JPY exchange rate to tumble.
- The lowest rate seen for the pound Sterling to Japanese yen currency pairing in the last ten years is ¥117.23.
- The highest GBP/JPY exchange rate was reached in late 2015, when the pairing hit ¥195.46.
Key information for the pound and Japanese Yen
The pound is also known as Sterling, while the GBP/JPY currency pairing is sometimes referred to as the ‘Geppy’ or ‘Guppy’.
Japanese paper money comes in denominations of ¥10,000, ¥5,000, ¥2,000 and ¥1,000. Coins are available in denominations of ¥500, ¥100, ¥50, ¥10, ¥5 and ¥1. The five and fifty Yen coins are something of a rarity in terms of global currency as they are one of the few coin designs worldwide to feature a hole in the middle. Apart from the ¥5 yen coin, all notes and coins have their value written on them in Arabic numerals.
Factors that influence GBP/JPY exchange rate movement
Because the UK economy is driven largely by consumer spending, data relating to the performance of the service sector has a big impact on the pound. Since the UK’s EU referendum, political developments have created more extensive Sterling fluctuations.
The Japanese Yen is one of the world’s safest currencies from an investment point of view, with the currency typically experiencing comparatively low levels of volatility. In times of global unease, the GBP/JPY exchange rate tends to weaken as investors turn to the safer Yen.
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The pound traded in a wide range on Wednesday, as a weaker-than-expected inflation reading raised questions over whether the Bank of England (BoE) will hike interest rates next month.