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The Japanese media outlet, Jiji News, reported on Friday, Japan and UK began talks with a view to scrapping tariffs on Japanese cars around 2026.

Nothing further is reported on the same.

On Thursday, Bloomberg cited a person familiar with the UK side of the talks, saying that “the UK and Japan are close to agreeing with a post-Brexit trade accord, a deal that would replace the free-trade agreement Britain enjoys through its membership of the European Union and avoid the introduction of tariffs next year.”

Market reaction

GBP/USD trades close to multi-month highs near 1.3140 amid broad dollar weakness and UK-Japan trade deal optimism.