Forex
USD/JPY
US dollar versus Japanese yen — highly sensitive to US yields and Bank of Japan policy.
USD/JPY chart
- Spot FX
- Intraday · may be delayed
- FX:USDJPY
Spot USD/JPY quoted by FXCM. Spot FX has no single official price, so quotes differ slightly between providers; broker tick volume is not shown.
About the USD/JPY
USD/JPY is the number of Japanese yen per US dollar. It is the second most traded currency pair and one of the most sensitive to interest-rate differentials.
For long periods, Japan's very low interest rates made the yen a popular funding currency for carry trades. When US yields rise relative to Japanese yields, USD/JPY has often risen; sharp unwinds of carry positions can produce fast moves lower.
Japan's Ministry of Finance has intervened in the currency market at times of rapid yen weakness, including in 2022 and 2024, which adds an event risk not present in most pairs.
What moves USD/JPY
Common drivers. None of them determine price on their own.
- US–Japan yield spread
- Moves in US Treasury yields, especially the 2-year and 10-year, have historically been a major driver.
- Bank of Japan
- Changes to the BoJ policy rate, bond purchases or yield-curve policy can reprice the yen significantly.
- Intervention risk
- Rapid yen weakness has drawn verbal warnings and actual intervention from Japanese authorities.
- Risk sentiment
- In risk-off episodes, carry trades can unwind and the yen has often strengthened.
USD/JPY trading hours
Regular schedules in US Eastern time unless noted. Holidays and early closes are not shown.
| Venue | Hours | Note |
|---|---|---|
| Spot FX | Sun 5:00 p.m. – Fri 5:00 p.m. ET (24 hours on weekdays) | — |
| Tokyo session | Approx. 9:00 a.m. – 6:00 p.m. Tokyo time | — |
| CME yen futures | Sun–Fri 6:00 p.m. – 5:00 p.m. ET (daily 5:00–6:00 p.m. ET break) | — |
Economic events that matter for USD/JPY
Why each release can move this market. Reactions depend on the surprise versus expectations and on the backdrop.
| Event | Why it can matter for USD/JPY |
|---|---|
| FOMC Next: | USD/JPY has been one of the most rate-sensitive major pairs: Fed decisions that shift US yields relative to Japanese yields can move it sharply. |
| CPI Next: | Changes in Treasury yields after an inflation surprise have historically been among the strongest drivers of USD/JPY, because the pair is closely tied to the US–Japan rate differential. |
| NFP Next: | USD/JPY tends to track US yields closely on jobs day. Very large moves can also draw attention to possible Japanese currency intervention, which adds two-way risk. |
Also scheduled: Bank of Japan decisions and any Ministry of Finance intervention drive the other side of the pair. They are not covered on this site.
USD/JPY FAQ
What affects USD/JPY?
The biggest drivers have historically been the gap between US and Japanese interest rates, Bank of Japan policy changes, intervention by Japan's Ministry of Finance, and global risk sentiment. No single factor dominates in every period.
Why is the pip size 0.01 for USD/JPY?
The yen has a much lower unit value than the dollar, so a 0.01 move is the conventional smallest meaningful increment. On a standard lot of $100,000, one pip is worth ¥1,000.
Why does the yen strengthen in market sell-offs?
Japan is a large net creditor and the yen has been a funding currency for carry trades. In stress, investors often repatriate funds and close carry positions, which can push the yen higher. This tendency is not guaranteed.