GBP/JPY hovers around 199.00 after LDP-coalition losing parliamentary majority

  • GBP/JPY appreciates after opening with a gap down, trading around 198.90 during the European hours on Monday. However, the currency cross may face challenges as the Japanese Yen (JPY) holds ground as the Japanese Prime Minister (PM) Shigeru Ishiba is expected to remain in office despite the ruling Liberal Democratic Party (LDP) coalition losing its majority in the upper house election, as expected.