GBP/JPY rises to near 211.30 as Japanese Yen underperforms across the board

GBP/JPY gains to near 211.30 amid continued underperformance by the Japanese Yen.
Ongoing China-Japan tensions offset strong Japan's Overall Household Spending data.
Investors await UK employment data for fresh cues on the interest rate outlook.

Sagar Dua FXStreet

The GBP/JPY pair moves higher to near 211.30 during the late Asian trading session on Friday. The pair gains as the Japanese Yen (JPY) underperforms its peers, with ongoing trade tensions between Japan and China offsetting Tokyo’s unexpectedly strong Overall Household Spending data.

Japanese Yen Price Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the weakest against the Euro.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.00%	0.05%	0.25%	0.07%	0.05%	0.14%	0.03%
EUR	-0.00%		0.05%	0.26%	0.07%	0.05%	0.14%	0.03%
GBP	-0.05%	-0.05%		0.21%	0.02%	-0.01%	0.09%	-0.03%
JPY	-0.25%	-0.26%	-0.21%		-0.17%	-0.21%	-0.13%	-0.23%
CAD	-0.07%	-0.07%	-0.02%	0.17%		-0.04%	0.05%	-0.05%
AUD	-0.05%	-0.05%	0.00%	0.21%	0.04%		0.09%	-0.04%
NZD	-0.14%	-0.14%	-0.09%	0.13%	-0.05%	-0.09%		-0.11%
CHF	-0.03%	-0.03%	0.03%	0.23%	0.05%	0.04%	0.11%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

This week, China banned the export of so-called dual-use goods, which address both military and civilian purposes, to Japan in response to threats of military action by Prime Minister (PM) Sanae Takaichi, if Beijing were to take action against Taiwan, an island democracy that Beijing considers its own territory, ABC News reported.

On Thursday, Bank of Japan (BoJ) Nagoya branch manager stated that some firms could be impacted by China's export curb on critical goods, but assured that there won’t be a big negative impact on the region's economy.

Earlier in the day, the Overall Household Spending data for November came in positive at 2.9% Year-on-year (YoY), while it was expected to decline at a moderate of 0.9% after contracting 3% in October.

Meanwhile, the Pound Sterling (GBP) trades broadly stable ahead of the United Kingdom (UK) labor market data for the three months ending in November, which is scheduled for Tuesday. Investors will pay close attention to the UK employment data to get fresh cues on the Bank of England’s (BoE) monetary policy outlook.

Economic Indicator

Overall Household Spending (YoY)

The Overall Household Spending released by the Ministry of Internal Affairs and Communications is an indicator that measures the total expenditure by households. The level of spending can be used as an indicator of consumer optimism. It is also considered as a measure of economic growth. A high reading is positive (or Bullish) for the JPY, while a low reading is negative (or bearish).

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