GBP/JPY reached levels not seen since July 2008, trading around the mid-215.00s. Geopolitical risks surrounding the Strait of Hormuz are heavily impacting the Japanese Yen. Japan is moving closer to actual intervention to support the yen, with Finance Minister Katayama expressing a high sense of urgency in monitoring the FX market. Additionally, Japan may release another 20 days' worth of oil reserves to alleviate pressure on the currency.
