Both currencies involved in this pair are majors, since they are indeed both among the top most traded currencies in the world. Due to the relatively low trading volumes between the two currencies though, the pair itself is not a major. It is not considered a commodity pair either.
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The 4th more traded currency in the world, behind the USD, EUR and JPY, the GBP is one of the highest valued currencies. Though it has taken a few hits in this regard more recently, it still remains stronger than the USD, EUR and CHF too. Backed by one of the world’s strongest and most diverse economies, the GBP is indeed the oldest currency still in use today. Though at one point its future seemed doubtful, due to the pressure Britain was subjected to in regards to joining the Eurozone, those pressures have eased with Brexit, and now it’s obvious that the GBP is here to stay.
The JPY is the third most traded currency in the world and a popular reserve currency too. Backed by the world’s second largest economy, its strength is hardly surprising. The JPY has been floating since 1973.
The entity in charge of the currency is the Bank of Japan, which has actively promoted a low interest-rate policy since 1990. This setup has turned the JPY into a sort of darling of the carry traders.
Though its economy is indeed massive, Japan is dependent on commodity-producing economies such as Australia’s, which provide the island nation with iron ore, copper and bauxite.
Even though many other countries have drastically reduced the interest rates on their own currencies, the GBP/JPY pair remains somewhat attractive as a carry trade option. As said, there’s little direct trading on this pair. The primary vehicle for trading on the pair is the US, the common major trading partner of the two countries.