Pound’s Gains Versus Yen May Stop, Bank of Tokyo-Mitsubishi Says

By Daniel Tilles

Jan. 8 (Bloomberg) -- The British pound’s gains against the Japanese yen this year may come to an end, Bank of Tokyo-Mitsubishi UFJ Ltd. said.

“There seems little chance of any further sustained move to the upside for pound-yen,” Derek Halpenny, European head of global currency research in London, wrote in a report today.

The U.K. currency slipped 1.1 percent to 138.31 yen as of 8:56 a.m. in London. The pound gained 4.6 percent versus Japan’s currency this year. It slid 40 percent against the yen in 2008.

To contact the reporter on this story: Daniel Tilles in London at dtilles@bloomberg.net