What is the GBP to JPY exchange rate now?
On ECB euro reference rates, GBP/JPY was ¥213.27 on 5 November 2026, up 2.1% from ¥208.84 on 25 September. The 2026 range has run from a low of ¥207.33 on 17 February to a high of ¥219.14 on 16 July, so the pound sits 2.9% above its low and 2.7% below its high. The 6 November fixing was ¥211.92, struck before that afternoon’s US payrolls release. Check the live GBP to JPY rate at any time.
| Right now | Level |
|---|---|
| GBP/JPY (ECB, 5 November 2026) | 213.27 |
| USD/JPY (derived, 5 November 2026) | 158.46 |
| GBP/USD (derived, 5 November 2026) | 1.3459 |
| Bank of Japan policy rate | about 1.25% (held 30 October 2026, 8–1) |
| Bank of England Bank Rate | 4.00% (raised 5 November 2026) |
| Next Bank of Japan decision | 17–18 December 2026 |
| Next Bank of England decision | 17 December 2026 |
GBP/JPY exchange rate in 2026: month by month
| Date (ECB fixing) | GBP/JPY (¥ per £1) |
|---|---|
| 2 January 2026 | 210.96 |
| 17 February 2026 (year low) | 207.33 |
| 31 March 2026 | 211.20 |
| 30 April 2026 | 211.50 |
| 29 May 2026 | 213.84 |
| 30 June 2026 | 214.76 |
| 16 July 2026 (year high) | 219.14 |
| 31 August 2026 | 216.26 |
| 9 September 2026 | 207.91 |
| 25 September 2026 | 208.84 |
| 5 November 2026 | 213.27 |
The pound climbed against the yen through the first half of the year, peaked in mid-July, then fell 3.9% in seven trading days in early September as markets priced the Bank of Japan’s September rise. Since late September it has recovered about half of that fall, helped by the Bank of England’s move towards a rise.
What is driving GBP/JPY in 2026?
The Bank of Japan is raising rates, and says it will keep going
The Bank of Japan raised its policy rate to 1.00% on 16 June and to 1.25% on 18 September, then held at about 1.25% on 30 October in an 8–1 vote, with board member Takata preferring 1.5%. Its October Outlook Report repeats that the Bank “will continue to raise the policy interest rate and adjust the degree of monetary accommodation”. It forecasts core CPI (all items less fresh food) at 2.5% in fiscal 2026 and 2.6% in fiscal 2027 (median), above its 2% target.
| Start of 2026 | After 16 June | After 18 September | After 5 November | |
|---|---|---|---|---|
| Bank of England Bank Rate | 3.75% | 3.75% | 3.75% | 4.00% |
| Bank of Japan policy rate | 0.75% | 1.00% | 1.25% | about 1.25% |
| UK–Japan rate gap | 3.00 points | 2.75 points | 2.50 points | 2.75 points |
The dissent for 1.5% on 30 October keeps a December rise firmly in view. Rate rises do not always strengthen the yen on the day: in September the yen’s gains came in the run-up, as markets priced the move in.
The Bank of England has raised rates
The Bank of England raised Bank Rate from 3.75% to 4.00% on 5 November 2026 in an 8–1 vote, with Catherine Mann voting for 4.25%. It was the first rise in three years. UK CPI was 3.5% in September and the Bank expects it to reach about 5% by mid-2027. Governor Andrew Bailey warned against reading the move as the first of a long sequence, though several members see a near-term case for more. The rise takes the UK–Japan gap back to 2.75 points. See our Bank of England rate decision tracker.
The carry trade makes GBP/JPY volatile
A carry trade means borrowing in a low-interest-rate currency, traditionally the yen, and investing in a higher-yielding one such as sterling. In calm markets that keeps the yen weak and GBP/JPY high. When global risk spikes, investors buy back yen and GBP/JPY can fall very quickly: on ECB reference rates it fell from ¥208.04 on 11 July 2024 to ¥181.63 on 5 August 2024, a drop of 12.7% in under four weeks.
The US dollar side
GBP/JPY is roughly GBP/USD multiplied by USD/JPY. Our house ranges to year-end are 1.32–1.37 for GBP/USD and 152–163 for USD/JPY; their extremes together span about ¥201–223. We expect the two to partly offset each other, since global risk-off episodes tend to weigh on the pound and lift the yen together, so our GBP/JPY range is narrower at ¥203–219.
GBP/JPY forecast: next 3 to 12 months
| Horizon | GBP/JPY range | Main driver |
|---|---|---|
| To end December 2026 | ¥203–219 | Bank of England on 17 December; Bank of Japan on 17–18 December |
| To end March 2027 | ¥200–221 | Whether the Bank of Japan raises in December or January |
| Next 6 months (to May 2027) | ¥200–221 | Carry-trade appetite and global risk sentiment |
| Next 12 months (to November 2027) | ¥196–223 | The pace of Japanese rate rises against UK policy |
Cambridge Currencies’ forecast ranges as at 8 November 2026, anchored on the 5 November ECB fixing. They are not guarantees, and this pair can move outside them quickly. This page is reviewed every four to eight weeks and after Bank of England and Bank of Japan decisions.
Our September three-month range of ¥203–216 has held. With spot now in its upper half, we have raised the year-end ceiling to ¥219, near the July high. The range leans lower from spot because a Bank of Japan rise and carry-trade unwinds tend to produce faster moves down than up.
For GBP/JPY to move towards ¥217–219, the Bank of Japan would probably need to hold in December while the Bank of England signals further rises, and global markets would need to stay calm enough to keep carry trades in place.
For GBP/JPY to fall towards ¥203, the Bank of Japan would probably need to raise on 18 December while the Bank of England holds at 4.00%, or a global risk-off episode would need to trigger yen buying.
What is the yen to pound forecast?
The yen to pound forecast (JPY/GBP) is the same forecast turned round. At ¥213.27, ¥1,000 buys about £4.69. Our year-end range of ¥203–219 is equivalent to ¥1,000 buying between about £4.57 and £4.93. A stronger yen means more pounds for anyone bringing yen home. See the live JPY to GBP rate.
Key dates for GBP/JPY
| Date | Event | Why it matters |
|---|---|---|
| 18 November 2026 | UK CPI (October) | Sets the odds of a second UK rise in December |
| 8–9 December 2026 | Federal Reserve decision | Moves USD/JPY |
| 17 December 2026 | Bank of England decision | Last UK decision of 2026 |
| 17–18 December 2026 | Bank of Japan Monetary Policy Meeting | A rise would narrow the gap to 2.50 points |
| 4 February 2027 | Bank of England decision and Monetary Policy Report | New UK forecasts |
| 18 March 2027 | Bank of England decision | Shapes the end-March range |
Dates are from the Bank of Japan meeting schedule and the Bank of England. The two central banks decide within a day of each other in December, which concentrates risk for year-end yen payments.
What does the GBP/JPY forecast mean for your transfer?
Buying yen with pounds
| Illustrative: ¥5,000,000 school fee bought at | Cost in pounds | Difference vs 5 November |
|---|---|---|
| ¥203 (bottom of year-end range) | £24,631 | +£1,187 |
| ¥213.27 (5 November 2026) | £23,444 | — |
| ¥219 (top of year-end range) | £22,831 | −£613 |
In this illustrative example there is more room for the cost to rise than fall within our range. See our guide to paying international school fees from the UK.
Property in Japan
In an illustrative example, a ¥80,000,000 property costs about £375,111 at ¥213.27, £394,089 at ¥203 and £365,297 at ¥219, a spread of about £28,800 inside the year-end range. Our guide to buying property in Japan from the UK covers the process, and a forward contract can fix the rate between exchange and completion. Because UK rates are well above Japanese rates, a GBP/JPY forward sits below spot; our explainer on why the forward rate differs from spot shows why.
Selling yen for pounds
For anyone bringing yen income or sale proceeds back to the UK, the pound’s recovery since September has worked against you. A Bank of Japan rise in December could help. A rate alert at your target level lets you act without watching the market daily.
Business payments
GBP/JPY moved 3.9% in seven trading days in September, which is not unusual for this pair. For regular yen invoices or royalties, a forward contract for UK businesses fixes a known rate for future payments up to 12 months ahead.
GBP/JPY frequently asked questions
What is the GBP/JPY forecast for the next 6 months?
GBP/JPY is forecast between ¥200 and ¥221 over the next six months, and ¥203–219 to the end of December 2026. It fixed at ¥213.27 on 5 November 2026. The pace of Bank of Japan rate rises against the Bank of England’s next move is the main driver.
What is the pound to yen forecast for 2026?
For the rest of 2026 we forecast GBP/JPY between ¥203 and ¥219. The Bank of England decides on 17 December and the Bank of Japan on 17–18 December.
What is the Bank of Japan interest rate?
The Bank of Japan’s policy rate is about 1.25%, held on 30 October 2026 by an 8–1 vote after rises in June and September. The Bank says it will continue to raise the policy interest rate. The next meeting is on 17–18 December 2026.
Why did the pound fall against the yen in September 2026?
Markets priced in the Bank of Japan’s September rise in advance, and GBP/JPY fell 3.9% between 31 August and 9 September. The UK–Japan rate gap narrowed to 2.50 points after that rise, before the Bank of England’s 5 November increase took it back to 2.75 points.
What is a carry trade and how does it affect GBP/JPY?
A carry trade means borrowing in a low-rate currency such as the yen and investing in a higher-yielding one such as sterling. It keeps GBP/JPY high in calm markets, but when risk spikes investors buy back yen quickly. In July and August 2024, GBP/JPY fell 12.7% in under four weeks.
How long does a GBP to JPY transfer take?
GBP to JPY transfers via SWIFT typically take one to two working days. Japan is nine hours ahead of the UK in winter, so starting a transfer early in the UK morning helps. See our guides on how long international transfers take and the best time of day to transfer.
Speak to a specialist about your yen transfer
Every Cambridge Currencies transfer is handled by phone with a dedicated specialist, from £5,000 upwards, including ahead of volatile events such as Bank of Japan meetings. Request a quote for your yen payment, or see all our currency forecasts. We work with FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951), with client funds safeguarded. This article is general guidance, not a personal recommendation.
