British Pound / Japanese Yen

GBP/JPY Pip Value

A famously volatile cross combining sterling's sharp moves with yen rate sensitivity.

GBP/JPY has a reputation no other cross quite matches: traders nicknamed it 'the Dragon' (and older hands, 'the Widow-maker') for daily ranges that regularly exceed 150 pips — roughly double EUR/USD on many days. As a JPY-quoted pair its pip size is 0.01, and a standard lot is ¥1,000 per pip. Converting to a dollar account at a USD/JPY rate of 150 gives about $6.67 per pip, a value that shifts with the yen itself.

The volatility comes from stacking two forceful drivers: sterling's sensitivity to UK data and the yen's sensitivity to global rate differentials and risk sentiment. When both align — a UK CPI surprise during a risk-off yen rally, say — the pair can travel hundreds of pips in a session. That makes position sizing the entire game here: a stop that is comfortable on EUR/USD is often far too tight for GBP/JPY, and the same lot size carries roughly double the realised risk. Use the pre-filled calculator below before sizing anything.

Base currency
GBP
Quote currency
JPY
Pip size
0.01
Pip value (standard lot)
Depends on the current rate — see calculator
Open in the pip value calculator, pre-filled for GBP/JPY

How GBP/JPY pip value works

Pip value is the monetary change in a position from a one-pip move in the exchange rate, for a given position size.

pip value (quote currency) = pip size × units traded. GBP/JPY is JPY-quoted, so pip size is 0.01.

Because the quote currency is JPY (not USD), pip value must be converted at the current JPY/USD rate — enter that rate in the pip value calculator.

Frequently asked questions

What is the pip size for GBPJPY?
0.01 — JPY-quoted pairs use 0.01.
What is the pip value for GBPJPY?
Pip value depends on the current JPY/USD rate since the quote currency (JPY) isn't USD — use the pip value calculator with today's rate for an exact figure.
What does GBPJPY mean?
British Pound / Japanese Yen: the base currency is GBP and the quote (counter) currency is JPY. The price shows how many JPY it takes to buy 1 GBP.
What is GBPJPY known for?
A famously volatile cross combining sterling's sharp moves with yen rate sensitivity.
How do I size a position on GBPJPY?
Use the lot size calculator with your account risk % and stop-loss in pips — it applies this pair's pip size automatically.

More forex pair references

See all forex pair references, or size a trade with the pip value calculator and the forex lot size calculator.

Reference last reviewed 2026-07-07. Pip size and quote/base currency conventions rarely change, but always confirm against your broker's contract specs.