February 9, 2021 - Written by Tim Boyer
Despite new fiscal stimulus packages being announced for Japan, the safe haven Japanese Yen continues to climb today and the British Pound to Japanese Yen (GBP/JPY) exchange rate is tumbling. Investors are selling the Pound amid fresh uncertainties over Britain’s coronavirus and Brexit outlooks, and the Yen is benefitting largely from weakness in major rivals like the US Dollar.
After opening last week at the level of 143.50, GBP/JPY slipped lower before surging higher in the second half of the week on Bank of England (BoE) developments. GBP/JPY ultimately closed last week much higher, at the level of 144.76.