- GBP/JPY jumps to near 212.30 as Japanese Yen underperforms, the highest level seen in over 17 years.
- Japan’s PM Takaichi is expected to call a snap election early in February.
- Investors await UK employment data for fresh cues on the interest rate outlook.
The GBP/JPY pair posts a fresh multi-year high at 212.30 during the Asian trading session on Monday. The pair trades firmly as the Japanese Yen (JPY) underperforms its peers, following reports from Reuters that Japan’s Prime Minister (PM) Sanae Takaichi could call for an early snap election.
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 Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.25% | -0.17% | 0.13% | -0.14% | -0.10% | -0.23% | -0.29% | |
| EUR | 0.25% | 0.09% | 0.35% | 0.11% | 0.15% | 0.03% | -0.04% | |
| GBP | 0.17% | -0.09% | 0.28% | 0.03% | 0.07% | -0.06% | -0.12% | |
| JPY | -0.13% | -0.35% | -0.28% | -0.25% | -0.22% | -0.34% | -0.40% | |
| CAD | 0.14% | -0.11% | -0.03% | 0.25% | 0.04% | -0.09% | -0.15% | |
| AUD | 0.10% | -0.15% | -0.07% | 0.22% | -0.04% | -0.12% | -0.19% | |
| NZD | 0.23% | -0.03% | 0.06% | 0.34% | 0.09% | 0.12% | -0.06% | |
| CHF | 0.29% | 0.04% | 0.12% | 0.40% | 0.15% | 0.19% | 0.06% |
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).
The reports also showed government sources have cited that Japan’s PM Takaichi was considering holding a snap election on February 8 or 15.
The hopes of Japan’s early snap election stemmed after Japan Innovation Party leader, Hirofumi Yoshimura, told public broadcaster NHK that he met with PM Takaichi on Friday and felt her view on the timing of an election had shifted to a new stage.
Japan’s political concerns arose at a time when investors are uncertain about the timeframe of another interest rate hike by the Bank of Japan (BoJ).
Meanwhile, the Pound Sterling (GBP) trades broadly stable ahead of the United Kingdom (UK) employment data for the three months ending in November, scheduled for Tuesday. Investors will pay close attention to the UK labor market data to get fresh cues on the Bank of England’s (BoE) monetary policy outlook.
In 2025, UK labor market concerns remain elevated as firms avoid aggressive hiring to offset the impact of higher employers’ contributions to social security schemes.
