British Pound climbs to 213.70 as weak JPY outweighs UK turmoil | FXStreet

The British pound rose to 213.70 against the Japanese yen as GBP/JPY rebounded nearly 100 pips from the daily low early in the European session. The move filled a modest bearish gap and pushed the cross to a fresh daily high near 213.70. Initial reactions to reports that UK Prime Minister Keir Starmer could announce his resignation “as early as today” appeared to fade, as investors focused on a weaker JPY. The article says fears of intervention and expectations for a hawkish Bank of Japan rate hike did not impress yen bulls. Japanese Finance Minister Satsuki Katayama reiterated that officials are ready to respond appropriately to currency moves at any time. It also cites April BoJ minutes where some members wanted faster rate increases to prevent underlying inflation overshooting, and comments from Deputy Governor Himino that hikes will continue based on economic, price, and financial trends. Meanwhile, the pound lacked strong buyers amid UK political turbulence and a stronger US dollar sentiment.