British Pound to Japanese Yen exchange rate history 1971 to 2026: carry and volatility
One British Pound bought 849.393 JPY in 1971 and 212.881 JPY in 2026. Carry and volatility. The series covers 56 years of annual data.
- 2026 avg
- 212.88
- year to date
- Highest avg
- 849.39
- 1971
- Lowest avg
- 126.56
- 2012
- Traded range
- 117.20 to 865.14
- low 2011, high 1971
Source: Federal Reserve H.10 cross rate (DEXUSUK ÷ DEXJPUS). Latest daily observation 2026-10-30.
Annual averages of daily observations.
GBP/JPY in four numbers
- Change since 1971
- -76.8%
- 55 complete years
- Change over 10 years
- +6.6%
- 2015 to 2025
- Average annual change
- -1.6%
- standard deviation 13.2 points
- Largest drawdown
- 85.1%
- 1971 to 2011
GBP/JPY annual average, 1971 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 cross rate (DEXUSUK ÷ DEXJPUS). Figures are annual averages of daily observations.
Five largest GBP/JPY moves
The largest absolute year-end changes in the published series, using complete calendar years only.
- 2008 -40.1% 221.67 to 132.73
Year-end rate moved from 221.67 to 132.73, a change of 40.1%.
- 1979 +34.4% 396.66 to 533.11
Year-end rate moved from 396.66 to 533.11, a change of 34.4%.
- 2013 +23.8% 140.89 to 174.44
Year-end rate moved from 140.89 to 174.44, a change of 23.8%.
- 1996 +23.6% 160.45 to 198.23
Year-end rate moved from 160.45 to 198.23, a change of 23.6%.
- 1976 -19.3% 617.49 to 498.53
Year-end rate moved from 617.49 to 498.53, a change of 19.3%.
GBP to JPY exchange rate by year
Every year since 1971: annual average, the year high and low, the year-end rate, and the change on the previous year.
| Year | Average | High | Low | Year end | Change |
|---|---|---|---|---|---|
| 1971 | 849.39 | 865.14 | 802.42 | 803.91 | n/a |
| 1972 | 759.03 | 810.09 | 701.38 | 708.30 | -11.9% |
| 1973 | 664.74 | 718.35 | 626.96 | 650.93 | -8.1% |
| 1974 | 682.70 | 718.00 | 642.04 | 706.49 | +8.5% |
| 1975 | 658.69 | 713.66 | 612.30 | 617.49 | -12.6% |
| 1976 | 535.49 | 621.63 | 459.92 | 498.53 | -19.3% |
| 1977 | 468.12 | 500.59 | 436.23 | 460.04 | -7.7% |
| 1978 | 402.98 | 471.34 | 359.17 | 396.66 | -13.8% |
| 1979 | 465.47 | 550.79 | 394.08 | 533.11 | +34.4% |
| 1980 | 525.87 | 572.00 | 482.00 | 485.21 | -9.0% |
| 1981 | 444.69 | 492.50 | 409.75 | 420.92 | -13.3% |
| 1982 | 434.66 | 465.88 | 378.77 | 379.74 | -9.8% |
| 1983 | 360.09 | 383.17 | 332.64 | 336.31 | -11.4% |
| 1984 | 316.77 | 348.30 | 288.91 | 291.35 | -13.4% |
| 1985 | 307.28 | 338.60 | 274.62 | 289.36 | -0.7% |
| 1986 | 246.92 | 294.32 | 219.21 | 234.68 | -18.9% |
| 1987 | 236.47 | 245.56 | 228.68 | 228.68 | -2.6% |
| 1988 | 228.07 | 236.52 | 221.19 | 226.15 | -1.1% |
| 1989 | 225.70 | 232.17 | 217.03 | 232.17 | +2.7% |
| 1990 | 257.67 | 286.09 | 233.59 | 261.79 | +12.8% |
| 1991 | 237.65 | 261.46 | 221.63 | 233.06 | -11.0% |
| 1992 | 224.01 | 248.67 | 187.78 | 188.90 | -18.9% |
| 1993 | 166.75 | 194.35 | 149.13 | 165.04 | -12.6% |
| 1994 | 156.39 | 168.80 | 149.44 | 156.02 | -5.5% |
| 1995 | 148.20 | 164.18 | 131.09 | 160.45 | +2.8% |
| 1996 | 169.89 | 198.23 | 157.05 | 198.23 | +23.6% |
| 1997 | 198.25 | 217.54 | 182.39 | 214.29 | +8.1% |
| 1998 | 217.00 | 239.76 | 188.03 | 188.03 | -12.3% |
| 1999 | 183.86 | 201.30 | 162.22 | 164.99 | -12.3% |
| 2000 | 163.33 | 179.50 | 149.66 | 171.01 | +3.6% |
| 2001 | 174.97 | 191.16 | 166.63 | 190.57 | +11.4% |
| 2002 | 187.85 | 196.33 | 179.95 | 191.13 | +0.3% |
| 2003 | 189.33 | 199.05 | 180.73 | 191.14 | +0.0% |
| 2004 | 198.16 | 207.10 | 191.12 | 196.73 | +2.9% |
| 2005 | 200.16 | 212.70 | 191.34 | 202.61 | +3.0% |
| 2006 | 214.39 | 233.39 | 201.06 | 233.11 | +15.1% |
| 2007 | 235.69 | 250.29 | 221.67 | 221.67 | -4.9% |
| 2008 | 192.46 | 217.47 | 130.09 | 132.73 | -40.1% |
| 2009 | 146.61 | 162.77 | 120.53 | 150.48 | +13.4% |
| 2010 | 135.55 | 149.18 | 125.71 | 125.71 | -16.5% |
| 2011 | 127.88 | 139.09 | 117.20 | 119.60 | -4.8% |
| 2012 | 126.56 | 140.89 | 117.63 | 140.89 | +17.8% |
| 2013 | 152.68 | 174.44 | 138.21 | 174.44 | +23.8% |
| 2014 | 174.08 | 189.35 | 164.88 | 186.70 | +7.0% |
| 2015 | 185.03 | 195.17 | 176.20 | 177.35 | -5.0% |
| 2016 | 147.46 | 175.20 | 126.29 | 144.07 | -18.8% |
| 2017 | 144.48 | 152.46 | 136.12 | 152.46 | +5.8% |
| 2018 | 147.43 | 156.00 | 139.88 | 140.01 | -8.2% |
| 2019 | 139.24 | 148.36 | 127.19 | 144.19 | +3.0% |
| 2020 | 136.94 | 144.88 | 127.54 | 140.98 | -2.2% |
| 2021 | 151.16 | 157.89 | 139.83 | 155.48 | +10.3% |
| 2022 | 161.86 | 171.15 | 151.36 | 159.19 | +2.4% |
| 2023 | 174.82 | 188.47 | 155.90 | 179.57 | +12.8% |
| 2024 | 193.52 | 207.69 | 179.24 | 197.04 | +9.7% |
| 2025 | 197.22 | 211.33 | 185.29 | 210.85 | +7.0% |
| 2026 YTD | 212.88 | 219.02 | 207.88 | 210.98 | +0.1% |
1971–2026 · 55 complete calendar years. Annual figures are averages of available daily observations. 2026 is year to date: the average is based on 209 published trading days through 2026-10-30.
GBP/JPY by decade
Annual averages grouped into decade buckets. The first and last buckets may cover fewer than ten years.
| Period | Average | High | Low | vs previous |
|---|---|---|---|---|
| 1971–1979 | 609.62 | 865.14 | 359.17 | n/a |
| 1980–1989 | 332.65 | 572.00 | 217.03 | -45.4% |
| 1990–1999 | 195.97 | 286.09 | 131.09 | -41.1% |
| 2000–2009 | 190.29 | 250.29 | 120.53 | -2.9% |
| 2010–2019 | 148.04 | 195.17 | 117.20 | -22.2% |
| 2020–2026 | 175.49 | 219.02 | 127.54 | +18.5% |
Average of the annual averages in each period. The first and last rows cover partial decades.
GBP/JPY since 1971
British Pound to Japanese Yen averaged 849.393 JPY in 1971 and 197.218 JPY in 2025, 76.8% lower across 55 complete years.
The annual average has ranged from 126.557 in 2012 to 849.393 in 1971. On individual trading days the series reached 117.197 and 865.142, a ratio of 7.4 to 1.
The five largest GBP/JPY moves
Ranked by absolute year-end change, the five largest moves were 2008 (-40.1%), 1979 (+34.4%), 2013 (+23.8%), 1996 (+23.6%), 1976 (-19.3%). The biggest was 2008, when the rate moved from 221.666 to 132.726, a change of 40.1%.
Across 55 complete years the pair rose in 25 and fell in 29. The average annual change was -1.6% with a standard deviation of 13.2 percentage points, which is one way to compare its volatility with other pairs.
How wide is the GBP/JPY range?
The highest single observation in the series was 865.142 in 1971, and the lowest was 117.197 in 2011. That is a ratio of 7.4 to 1 between the two extremes.
Annual averages are narrower than single-day levels because they smooth the intra-year swings. Even so, the average has ranged from 126.557 to 849.393, a spread that matters for anyone converting at different points in the cycle.
GBP/JPY by decade
Grouped by decade, the annual average was 609.623 in 1971-1979 and 175.486 in 2020-2026. The widest decade-to-decade change was -45.4% between 1971-1979 and 1980-1989, when the average moved from 609.623 to 332.652.
The final bucket, 2020-2026, is a partial decade and includes the year-to-date 2026 average. The table below shows every bucket with its high and low, so the short-run moves and the long-run level can be read together.
Why GBP/JPY is a volatile carry pair
GBP/JPY is a carry pair. The Bank of England sets the GBP policy rate and the Bank of Japan sets the JPY rate. The gap between the two is the main medium-term driver: capital tends to move toward the currency with the higher risk-adjusted yield, and the pair tends to move with that gap.
Sterling and the yen have often sat at opposite ends of the yield spectrum, which makes GBP/JPY a leveraged carry trade. The annual series reflects those shifts rather than a single trend. From 1971 to 2025 the average moved -76.8%, with 25 up years and 29 down years.
The pair combines a high-beta funding currency with a cyclical European currency, so it can move sharply when risk appetite changes. Because carry trades are leveraged, the pair can move sharply when the rate gap narrows or when volatility rises, which is why the largest annual moves are often larger than the change in policy rates alone.
How to read the GBP/JPY data
This is a derived cross rate. Each day's GBP/JPY is calculated from the two US dollar legs in Federal Reserve H.10 cross rate (DEXUSUK ÷ DEXJPUS), joined on the same calendar date with up to seven days of holiday carry-forward. No figure on this page is estimated or interpolated.
GBP/JPY history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 1985 1985-09-22
Plaza Accord agrees a weaker dollar
Finance ministers of France, West Germany, Japan, the United Kingdom and the United States agreed to coordinate intervention to depreciate the US dollar, especially against the yen and the Deutsche mark.
- 1992 1992-09-16
United Kingdom leaves the Exchange Rate Mechanism
Sustained speculative selling forced the United Kingdom to withdraw sterling from the European Exchange Rate Mechanism on Black Wednesday.
- 2016 2016-06-23
United Kingdom votes to leave the European Union
The Brexit referendum result triggered a sharp fall in sterling, which touched a 31-year low against the dollar in the following days.
- 2024 2024-07-31
Bank of Japan raises rates and the yen carry trade unwinds
The Bank of Japan raised its policy rate to about 0.25 percent. The yen strengthened sharply and crowded carry trades unwound, contributing to a global market sell-off in early August 2024.
GBP/JPY history: common questions
What was the GBP/JPY rate in 1971?
One GBP averaged 849.393 JPY in 1971, with a range of 802.425 to 865.142 and a year-end rate of 803.906.
What is the lowest GBP/JPY rate on record?
The lowest annual average was 126.557 in 2012. The lowest single observation was 117.197 in 2011.
What was the biggest single-year move in GBP/JPY?
2008 was the largest, at -40.1%. The year-end rate moved from 221.666 to 132.726.
How volatile has GBP/JPY been?
Across 55 complete years the average annual change was -1.6% with a standard deviation of 13.2 percentage points. The largest drawdown was 85.1%, from 1971 to 2011.
How is the GBP/JPY rate calculated?
This is a derived cross rate. Each day's GBP/JPY is calculated from the two US dollar legs in Federal Reserve H.10 cross rate (DEXUSUK ÷ DEXJPUS), joined on the same date.
What is the GBP/JPY rate in 2026?
The 2026 average is 212.881 JPY per GBP, based on the year to date. The latest complete year, 2025, averaged 197.218.
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