British Pound retreats further from multi-year top vs JPY as Tokyo intervention risks loom

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Summary · why it matters

The British Pound retreated further from its highest level against the Japanese Yen since January 2008, turning lower for a second straight day after an intraday uptick to the 219.00 neighborhood on Friday. The cross had touched that multi-year top earlier this week. The pullback comes as intervention risks from Tokyo loom over the currency pair.

Impact on assets 2

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💱UK Pound Sterling/US Dollar FX Spot Rate
GBPUSD
▼ NegativeMonetaryrelevance

Intervention risks from Tokyo weaken GBP/JPY, but for GBP/USD the direct impact is ambiguous; however, the news focuses on GBP weakening against JPY, which may spill over to GBP/USD.

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