The GBP/JPY currency pair, which expresses the value of the British pound sterling in terms of the Japanese yen, has so far this year managed to stave off the 128 handle after sinking below this important level in March 2020. As shown in the long-term monthly candlestick chart below, GBP/JPY has traded as low as 128 (and below) several times in the past, including in 1995, 2008, 2010, 2011, 2012, 2016 (following the announcement of Brexit), 2019, and most recently in 2020 following the emergence of COVID-19.
(Chart created by the author using TradingView