GBP/JPY – Live and Historical Rates
Nicknamed the “Geppie”, the GBP/JPY pair is not a major pair or a commodity one, despite the fact that the currencies that make it up are both majors. The chart above is an illustration of the amount of Japanese Yen required to purchase a British Pound.
The GBP is the 4th most traded currency in the world, behind the USD, the EUR and the JPY. It is also the oldest currency still in circulation today and one of the strongest value-wise. The strength of the GBP stems from the strength of the economies Britain trades with, but also from the size of the British economy. Much more than a national currency, the GBP has become over the years one of the symbols of British sovereignty. Since the country decided to exit the EU, the Pound has become much more volatile, though its status has been solidified by Brexit.
A popular reserve currency, the Japanese Yen is also the world’s third most traded currency, behind the USD and the EUR. The JPY used to be pegged to the USD, though since 1973, it has been floating. It hasn’t required major interventions since. The economy powering the JPY is the second largest in the world. Since 1990, JPY interest rates have been kept low, which turned the currency into an attractive target for carry trading. While Japan exports silver, gold and magnesium, its economy is dependent on imported raw materials, such as copper, iron ore and bauxite.
The reason why the GBP/JPY is not a major pair is that there is very little direct trade taking place between the two countries and the actual GBP/JPY forex trading volumes are mostly realized through the US – a major partner for both countries. The GBP/JPY pair may still make a decent vehicle for carry trades.
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Other major currency pairs
BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.