USD/JPY: price today and what moves it

USD/JPY shows how many Japanese yen one dollar costs. It is the major pair most tied to interest rates: the wide gap between US and Japanese rates makes it a benchmark for the carry trade.

USD/JPY · USDJPY

157.98

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What is USD/JPY?

USD/JPY shows how many Japanese yen one dollar costs. It is the major pair most tied to interest rates: the wide gap between US and Japanese rates makes it a benchmark for the carry trade.

What moves the price

  • US yields

    When US bond yields rise relative to Japanese yields, the dollar tends to gain against the yen.

  • Bank of Japan

    Any change to its rate or yield-curve policy can trigger sharp yen moves.

  • Carry trade

    Borrowing in low-yielding yen to invest in higher-yielding assets weighs on the yen; when those positions unwind, the yen can rally hard.

  • Intervention

    Japan's Ministry of Finance has intervened in the past to slow rapid yen declines.

Check earnings and news against their publication dates, the economic calendar, liquidity and contract specifications. These factors explain risks; they do not alone determine a buy or sell decision.

When it moves the most

Forex opens on Sunday at 5:00 p.m. and closes on Friday at 5:00 p.m. New York time. Liquidity concentrates in the London session and especially in its overlap with New York (roughly 8:00 a.m. to 12:00 p.m. New York time).

Data and events to watch

  • Bank of Japan and Fed decisions
  • US 10-year Treasury yield
  • Tokyo and national Japanese CPI
  • US nonfarm payrolls
  • Statements from Japan's Ministry of Finance

Before deciding

Define entry, invalidation and maximum loss. Size the position using tick value in your account currency. Include costs and check the quote before transferring levels from another provider.

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Frequently asked questions

How much is a pip worth in USD/JPY?

In yen pairs a pip is 0.01. With 1 standard lot it equals 1,000 yen, roughly $6–7 depending on the exchange rate.

Why does the yen rise in a crisis?

Japan is a major creditor and many investors fund themselves in yen: in risk-off moments positions are unwound and yen is bought back.

When does USD/JPY move the most?

In the Tokyo session around Japanese data and, above all, in the New York session as US yields react.

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