|

GBP/JPY turns upside down to near 212.00 on likely Japan’s intervention

  • GBP/JPY turned negative to near 212.00 as the Japanese Yen gains on possible Japan’s intervention.
  • Japan's FM Katayama warned on Thursday that they are moving closer to taking decisive action in the forex markets.
  • The BoE will likely announce a forceful interest rate hike in upcoming policy meetings.

The GBP/JPY pair gives up its early gains and turns negative to near 212.00 during the European trading session on Friday. The pair faces intense selling pressure due to sudden strength in the Japanese Yen (JPY) on possible Japan’s Ministry of Finance (MoF) intervention in foreign exchange markets to counter one-sided speculative moves against the domestic currency.

Japanese Yen Price Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD-0.04%-0.02%-0.14%-0.02%0.01%0.22%-0.02%
EUR0.04%0.02%-0.07%-0.00%0.07%0.24%0.02%
GBP0.02%-0.02%-0.11%-0.01%0.03%0.23%0.02%
JPY0.14%0.07%0.11%0.09%0.13%0.29%0.10%
CAD0.02%0.00%0.01%-0.09%0.03%0.22%0.03%
AUD-0.01%-0.07%-0.03%-0.13%-0.03%0.18%0.00%
NZD-0.22%-0.24%-0.23%-0.29%-0.22%-0.18%-0.21%
CHF0.02%-0.02%-0.02%-0.10%-0.03%-0.00%0.21%

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).

There has been no official announcement of possible intervention by Japan in the European session on Friday; however, Japan's Finance Minister (FM) Satsuki Katayama said on Thursday that they are moving closer to taking decisive action in the foreign exchange markets.

A sudden spike was also seen in the Japanese currency on Thursday after Japan's FM Katayama’s remarks, which pushed the cross lower to 210.46, and later confirmed by Reuters as Japan’s first official currency action in nearly two years.

Meanwhile, market participants doubt the Yen’s current strength will long last, as higher energy prices in the wake of Middle East conflicts will widen the fiscal deficit of the nation and exert significant pressure on the currency.

Though investors have underpinned the Japanese Yen (JPY) against the Pound Sterling (GBP), the former trades higher against its other currency peers amid expectations that the Bank of England (BoE) could be forced to hike interest rates to avoid the emergence of second-round effects of higher energy prices-led inflation.

On Thursday, BoE Governor Andrew Bailey said in the press conference, “It would be a mistake to wait to see the second round effects before acting because then it would be too late.”

Economic Indicator

BoE Interest Rate Decision

The Bank of England (BoE) announces its interest rate decision at the end of its eight scheduled meetings per year. If the BoE is hawkish about the inflationary outlook of the economy and raises interest rates it is usually bullish for the Pound Sterling (GBP). Likewise, if the BoE adopts a dovish view on the UK economy and keeps interest rates unchanged, or cuts them, it is seen as bearish for GBP.

Read more.

Last release: Thu Apr 30, 2026 11:00

Frequency: Irregular

Actual: 3.75%

Consensus: 3.75%

Previous: 3.75%

Source: Bank of England

Author

Sagar Dua

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

More from Sagar Dua
Share:

Editor's Picks

EUR/USD climbs above 1.1600 as markets cheer US-Iran deal

EUR/USD gathers bullish momentum and trades above 1.1600 on Monday. The US and Iran have reached a deal to reopen the Strait of Hormuz on Sunday, which underpins risk sentiment, supporting the Euro against the US Dollar. Now, the main focus this week remains on the Fed policy decision due on Wednesday.

GBP/USD retreats from 10-day high, holds above 1.3200

GBP/USD pulls away from the 10-day high it touched above 1.3460 but manages to stay in positive territory above 1.3400. The positive shift seen in risk mood following news of the US and Iran reaching a framework agreement to end the conflict and reopen the Strait of Hormuz helps the pair hold its ground.

Gold rallies beyond $4,300 as geopolitical tensions ease

Gold rises sharply on Monday and trades well above $4,300, gaining nearly 3% on the day. The precious metal gathers bullish momentum after the United States and Iran had reached a deal to end their conflict, easing concerns about inflation and higher interest rates.


Bitcoin consolidates gains, Ethereum defends support, XRP nears breakout trigger


Bitcoin, Ethereum and Ripple begin the week on a constructive note as the top three cryptocurrencies attempt to extend rebounds after recovering nearly 4%, 2% and 2.6%, respectively. BTC steadies around $65,600, ETH continues to hold firmly above the key $1,700 support, while XRP nears the upper boundary of the falling channel pattern. 

President Trump announced that the deal with Iran is complete
President Trump announced that the deal with Iran is complete and he authorises the toll-free opening of the Strait of Hormuz and removal of the US Naval blockade. While the agreement is made, it is expected to be signed on Friday to take effect. The Forex market looks stable and could react slowly to the positivity around the news as Iran still expresses its mistrust on the US.
4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.