Japan’s finance minister calls for domestic pension funds to increase local asset holdings, weighing on GBP/JPY near 15-year highs.
GBP/JPY fell 0.30% to 217.10 on Friday after Japan’s Finance Minister Satsuki Katayama urged domestic pension funds, including the Government Pension Investment Fund, to raise holdings of Japanese financial assets. The yen’s decline persisted despite the remarks, leaving the cross near levels last seen in 2008 and on track for a third weekly gain.
The British pound remains the top-performing G10 currency, supported by Bank of England rate hike expectations and reduced UK political uncertainty. Technically, GBP/JPY holds above key moving averages, with the RSI at 62.54 and MACD at 0.33, signaling sustained bullish momentum.
Immediate resistance lies at 218.00, while support is seen at 216.50. A break above resistance could extend the uptrend, though yen-supportive policies may limit gains.