The GBP/JPY currency pair settled below recent high of 215.906, its strongest level since January 10th 2008, as the Sterling struggled to extend gains even after stronger-than-forecast monthly UK GDP data.
Sentiment toward the Pound was dampened by broader economic worries associated with the conflict in the Middle East.
According to the April 2026 International Monetary Fund projections, the UK was the most exposed economy among G7 members to the effects of the Iran war.
The IMF trimmed its forecast for UK growth in 2026 to 0.8% from 1.3% in the October 2025 assessment.
Meanwhile, the Japanese Yen remained soft as markets focused on the potential economic fallout from disruptions to shipping through the Strait of Hormuz. Concerns that these issues could mount notable pressure on Japan’s economy in the future continued to weigh on the currency.
Market players also scaled back expectations for a Bank of Japan rate hike in April, which further pressured the Yen.
The minor Forex pair gained 0.36% for the week.
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