n$a wrote:

> Do you compare rates of the very same day ? A 2 points variation
> is typical of day-to-day fluctuations. To be exact you'll have
> to compare rates from all sources at the same time on the same day.
> The Post Office for example changes their daily rates at 11AM, and
> i guess most financial institutions do the same around the same time.

Hmm. I checked Lloyds and the Post Office between 11:00 and 12:00 on the 
same day, and Lloyds was selling sterling at about 2 yen to the pound 
cheaper than the Post Office.

The Post Office (whom we phoned) advised that they'd be changing their 
rate at midday, whereas Lloyds' website gave a flat rate for the whole day.

> choosing the day you do the trade is likely more
> important than choosing the place. Chart is here:
> http://uk.finance.yahoo.com/q/bc?s=GBPJPY=X&t=3m&l=on&z=m&q=l&c=

Yes, choosing one's time is a big part of it. Historically, I've always 
been lousy at that!

Thanks for the advice.

John
http://rarebooksinjapan.com