Forex

GBP/JPY: British Pound / Japanese Yen

Sterling priced in yen, a cross known for wide daily ranges.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Market DNA

Below, GBP/JPY is taken apart: its class, its contract, its hours and what is connected to it. Structure, not a signal.

Market DNA

What GBP/JPY is made of.

Its class, its contract, the hours it lives in and the institutions, releases and ideas connected to it.

This is structure. It is not a score and it is not a signal: it tells you what the instrument is, not what it will do.

BaseGBPBritish PoundQuoteJPYJapanese Yen

The price of GBP/JPY is the amount of JPY (Japanese Yen) needed for 1 GBP.

Asset class: Forex
Contract: 1 standard lot = 100,000 GBP
Platform symbol: GBPJPY
Typical sessions: Home sessions: London and Tokyo.Continuous, 24 hours a day, five days a week. Liquidity varies by session.See the sessions on the World Market Clock
Central banks: Bank of England Bank of Japan
Concepts: Volatility

Reference data

Where GBP/JPY has fixed.

Last reference fixing

209.22

JPY per 1 GBP · 9 Oct 2026

1 fixing: up +0.09%
5 fixings: up +0.52%
21 fixings: up +0.37%
63 fixings: down −3.63%

Position in the 63-fixing range

Low 207.91, last 209.22, High 219.14

The last 63 fixings

Moved together, moved apart

Correlation of daily log returns between GBP/JPY and the other pairs on this site over the same 63 fixings. +1.00 means the daily changes lined up perfectly, −1.00 that they mirrored each other, 0 that they were unrelated.

A descriptive statistic of reference fixings over one window. Correlations change, and they say nothing about what comes next.

Highest correlation

Daily changes most often in the same direction.

Lowest correlation

Daily changes least aligned, or opposed when negative.

Reference dataSource: European Central Bank reference ratesUpdated 9 Oct 2026Once per working day, around 16:00 CET. Not live, not tradable and not a GIO4X price. Changes compare the last fixing with the fixing 1, 5, 21 and 63 publications earlier.

Trading conditions

As published by GIO4X.

Spread from: 0.8 pipsminimum, widens with market conditions; each account type also has its own minimum (Classic 2.5 pips, Premium 1.5 pips, ECN 0.2 pips), and the wider of the two applies
Leverage: 1:400depends on instrument and jurisdiction
Minimum lot: 0.01
Contract: 1 standard lot = 100,000 GBP
Platform symbol: GBPJPY

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

On the 777 Raptor demo

Demo symbol GBPJPY. How the demo terminal is set up, not GIO4X’s specification for live trading, which is not yet published.

Contract size, 1.00 lot: 100,000 GBP; Sizes from 0.01 to 100 lots, in steps of 0.01.
Pip value per 1.00 lot, in JPY: 1,000 JPY; one pip (0.01) × 100,000
Pip value per 1.00 lot, in US dollars: not available: reading the simulated price; at the simulated USDJPY rate, which is not a market rate
Margin per 1.00 lot at 1:100: not available: reading the simulated price; contract size × price ÷ leverage
Margin per 1.00 lot at 1:500: not available: reading the simulated price; 1:500 is the “up to” figure the account types publish: a ceiling, not what an instrument or a client is given

Contract data read from the demo terminal. Demo prices are simulated by GIO4X’s own engine; they are not market prices. Swap rates are not published.

Third-party chart

GBP/JPY on a daily chart

The chart is supplied by TradingView and stays unloaded until you ask for it. Loading it connects your browser to TradingView’s servers.

Third partyChart by TradingViewThird-party data for British Pound / Japanese Yen, not supplied or verified by GIO4X and not a GIO4X price. Symbol FX:GBPJPY, UTC.

Before you trade it

Work the numbers. Know the words.

Tools

All tools

Glossary

Full glossary

In depth

What is particular to British Pound / Japanese Yen.

GBP/JPY joins the most politically sensitive of the major currencies to the one most sensitive to fear. Sterling tends to fall in a scare and the yen tends to rise, so the two halves of this cross often move in the same direction and add to each other. The result is a pair with a wide daily range, a higher dealing cost than the dollar pairs, and a history of very fast falls.

General education about the underlying market. It states no current price or rate, makes no forecast and is not advice. What GIO4X offers on this instrument is in the trading conditions on this page, not here.

What moves it

The Bank of England against the Bank of Japan: British interest rates have usually stood well above Japanese ones, and the pair responds to changes in that gap from either end. The Bank of England’s published vote split can move sterling without a change in Bank Rate. A shift in Bank of Japan policy, rare for many years, moves every yen pair at once and this one among the most.
The carry trade, with a volatile partner: Borrowing yen to hold sterling earns the interest gap between the two. Sterling’s own swings are large enough to wipe out a year of that interest in a few days, so the position is held nervously and abandoned quickly. In the autumn of 2008, as such positions were closed across the world, this cross fell further and faster than almost any other pair of major currencies.
Two halves that agree: On 24 June 2016, as the result of the United Kingdom’s referendum became known, sterling fell sharply and the yen rose as a refuge at the same time. The cross therefore moved more than either GBP/USD or USD/JPY did. The same compounding works in reverse in confident markets, when sterling rises and the yen is sold.
British shocks, in yen: Events that are purely British reach this cross through sterling. The flash fall of 7 October 2016, in the early Asian hours, and the sell-off after the fiscal statement of 23 September 2022 both appeared here as well as in cable. Because Tokyo is open when London is not, the first reaction to overnight British news is often seen in this pair.
Yen intervention: When Japan’s Ministry of Finance buys or sells yen against the dollar, GBP/JPY moves with USD/JPY within moments. Nothing about sterling need have changed. A sudden move in this cross with a quiet GBP/USD points to the yen side.

Mechanics

How it is quoted and built.

Base, quote and pip: Sterling is the base currency and the yen the quote currency: the price is the number of yen one pound costs. It is quoted to two decimal places, or three with fractional pips, and a pip is 0.01. On 100,000 pounds one pip is worth 1,000 yen.
A large number, and what it does to pips: Because a pound buys many yen, the price is the largest number among the currency pairs on this site, and a range of a hundred pips or more in a day is ordinary. Counted in pips it looks wilder than it is; counted in per cent it is still among the more volatile of the major crosses. Comparing its pip range with EUR/USD’s says little, since the pips are not the same size.
Built from two dollar pairs: GBP/JPY equals GBP/USD multiplied by USD/JPY. There is little direct dealing between pounds and yen, so most of the business passes through the dollar, and the cost of the cross carries the cost of both legs. That cost rises most in the hours when neither London nor Tokyo is fully open.
The busiest hours: The pair has two home sessions. Tokyo sets the tone in the Asian day, and the London morning, when British data is published and both centres briefly overlap, is usually the most active period. United States data later moves both dollar legs, sometimes in directions that cancel in the cross and sometimes in directions that add.

Timetable and sources

What is scheduled, and where the facts come from.

Worth knowing the timetable of

The Bank of England Monetary Policy Committee’s Interest Rate Decision, minutes and vote split
The Bank of Japan Policy Board’s Interest Rate Decision and the governor’s press conference
The United Kingdom’s Consumer Price Index and labour market statistics, monthly
The United Kingdom’s Budget and other fiscal statements
The Japanese Ministry of Finance’s monthly disclosure of foreign exchange intervention
The monthly United States employment report, because it moves both dollar legs

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Bank of England: Monetary Policy Summary and minutes; Monetary Policy Report
Bank of Japan: Statement on Monetary Policy, Outlook for Economic Activity and Prices, Summary of Opinions
Ministry of Finance, Japan: Foreign Exchange Intervention Operations
Bank for International Settlements: Triennial Central Bank Survey; Markets Committee report on the sterling “flash event” of 7 October 2016

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

The cost of a trade is the spread, any commission, and financing for each night it is held. The Cost Lab works the three out for a day trade, an overnight position and a longer hold, from figures you enter. A complete total also needs the swap rates, which are not yet published; the Lab shows which input is missing instead of a total that only looks complete.

Work it out in the Cost Lab

The risk, in ordinary type.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

GBP/JPY is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure

Continue

Fetching the page

GBP/JPYBritish Pound / Japanese Yen

Sterling priced in yen, a cross known for wide daily ranges.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Where GBP/JPY has fixed.

Last reference fixing

209.22

JPY per 1 GBP · 9 Oct 2026

1 fixing: up +0.09%
5 fixings: up +0.52%
21 fixings: up +0.37%
63 fixings: down −3.63%

Position in the 63-fixing range

Low 207.91, last 209.22, High 219.14

The last 63 fixings

Moved together, moved apart

A descriptive statistic of reference fixings over one window. Correlations change, and they say nothing about what comes next.

Highest correlation

Daily changes most often in the same direction.

Lowest correlation

Daily changes least aligned, or opposed when negative.

As published by GIO4X.

Spread from

0.8 pipsminimum, widens with market conditions; each account type also has its own minimum (Classic 2.5 pips, Premium 1.5 pips, ECN 0.2 pips), and the wider of the two applies

Leverage

1:400depends on instrument and jurisdiction

Minimum lot

0.01

Contract

1 standard lot = 100,000 GBP

Platform symbol

GBPJPY

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

On the 777 Raptor demo

Demo symbol GBPJPY. How the demo terminal is set up, not GIO4X’s specification for live trading, which is not yet published.

Contract size, 1.00 lot: 100,000 GBP; Sizes from 0.01 to 100 lots, in steps of 0.01.
Pip value per 1.00 lot, in JPY: 1,000 JPY; one pip (0.01) × 100,000
Pip value per 1.00 lot, in US dollars: not available: reading the simulated price; at the simulated USDJPY rate, which is not a market rate
Margin per 1.00 lot at 1:100: not available: reading the simulated price; contract size × price ÷ leverage
Margin per 1.00 lot at 1:500: not available: reading the simulated price; 1:500 is the “up to” figure the account types publish: a ceiling, not what an instrument or a client is given

Contract data read from the demo terminal. Demo prices are simulated by GIO4X’s own engine; they are not market prices. Swap rates are not published.

What is particular to British Pound / Japanese Yen.

What moves it

The Bank of England against the Bank of Japan: British interest rates have usually stood well above Japanese ones, and the pair responds to changes in that gap from either end. The Bank of England’s published vote split can move sterling without a change in Bank Rate. A shift in Bank of Japan policy, rare for many years, moves every yen pair at once and this one among the most.
The carry trade, with a volatile partner: Borrowing yen to hold sterling earns the interest gap between the two. Sterling’s own swings are large enough to wipe out a year of that interest in a few days, so the position is held nervously and abandoned quickly. In the autumn of 2008, as such positions were closed across the world, this cross fell further and faster than almost any other pair of major currencies.
Two halves that agree: On 24 June 2016, as the result of the United Kingdom’s referendum became known, sterling fell sharply and the yen rose as a refuge at the same time. The cross therefore moved more than either GBP/USD or USD/JPY did. The same compounding works in reverse in confident markets, when sterling rises and the yen is sold.
British shocks, in yen: Events that are purely British reach this cross through sterling. The flash fall of 7 October 2016, in the early Asian hours, and the sell-off after the fiscal statement of 23 September 2022 both appeared here as well as in cable. Because Tokyo is open when London is not, the first reaction to overnight British news is often seen in this pair.
Yen intervention: When Japan’s Ministry of Finance buys or sells yen against the dollar, GBP/JPY moves with USD/JPY within moments. Nothing about sterling need have changed. A sudden move in this cross with a quiet GBP/USD points to the yen side.

How it is quoted and built.

Base, quote and pip: Sterling is the base currency and the yen the quote currency: the price is the number of yen one pound costs. It is quoted to two decimal places, or three with fractional pips, and a pip is 0.01. On 100,000 pounds one pip is worth 1,000 yen.
A large number, and what it does to pips: Because a pound buys many yen, the price is the largest number among the currency pairs on this site, and a range of a hundred pips or more in a day is ordinary. Counted in pips it looks wilder than it is; counted in per cent it is still among the more volatile of the major crosses. Comparing its pip range with EUR/USD’s says little, since the pips are not the same size.
Built from two dollar pairs: GBP/JPY equals GBP/USD multiplied by USD/JPY. There is little direct dealing between pounds and yen, so most of the business passes through the dollar, and the cost of the cross carries the cost of both legs. That cost rises most in the hours when neither London nor Tokyo is fully open.
The busiest hours: The pair has two home sessions. Tokyo sets the tone in the Asian day, and the London morning, when British data is published and both centres briefly overlap, is usually the most active period. United States data later moves both dollar legs, sometimes in directions that cancel in the cross and sometimes in directions that add.

What is scheduled, and where the facts come from.

Worth knowing the timetable of

The Bank of England Monetary Policy Committee’s Interest Rate Decision, minutes and vote split
The Bank of Japan Policy Board’s Interest Rate Decision and the governor’s press conference
The United Kingdom’s Consumer Price Index and labour market statistics, monthly
The United Kingdom’s Budget and other fiscal statements
The Japanese Ministry of Finance’s monthly disclosure of foreign exchange intervention
The monthly United States employment report, because it moves both dollar legs

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Bank of England: Monetary Policy Summary and minutes; Monetary Policy Report
Bank of Japan: Statement on Monetary Policy, Outlook for Economic Activity and Prices, Summary of Opinions
Ministry of Finance, Japan: Foreign Exchange Intervention Operations
Bank for International Settlements: Triennial Central Bank Survey; Markets Committee report on the sterling “flash event” of 7 October 2016

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

Work it out in the Cost Lab

The risk, in ordinary type.

GBP/JPY is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure