The GBP/JPY currency pair, which expresses the value of the British pound sterling in terms of the Japanese yen, is a risk-on currency pair owing to the traditional safe-haven characteristics of the Japanese yen in addition to the increased volatility of the British pound sterling in recent times.
Japan is considered a safe haven due to its generally positive current account surpluses and domestic political stability, as well as the country's active investment sector which has traditionally sought higher rates of return elsewhere in the world (in light of Japan's low interest rates).
With Japan's