USD/JPY price today

The US dollar to Japanese yen price (USD/JPY) shows how many Japanese yen one US dollar is worth. This currency pair is the second most traded symbol in the forex market and reflects the link between two of the world's largest economies with two very different monetary policies. On this page you can see the live USD/JPY rate, the candlestick chart and its technical events, and below you can read about the role of the Bank of Japan, carry trades, pip value in yen pairs and the best trading hours in Tehran time.

What is the USD/JPY currency pair?

In USD/JPY, the US dollar is the base currency and the Japanese yen is the quote currency. For example, if the rate is 140.00, each dollar equals 140 yen. A rising number means the dollar has strengthened and the yen weakened, and a falling number means the yen has strengthened. Unlike most currency pairs, which are quoted to four decimal places, yen rates are usually quoted to two decimal places (and three at brokers), because each unit of yen is worth very little.

Japan is one of the world's largest economies and a major exporter, and the yen, along with the dollar and the euro, is one of the most traded currencies in the world. The yen acts as a "safe haven" in crises; Japan is one of the world's largest foreign creditors, and in periods of fear Japanese investors bring part of their foreign assets back home, which raises demand for the yen. See the Toman rate of the yen in the Iranian market on the Japanese yen price page and the open-market dollar rate on the dollar price page.

Factors affecting the US dollar to yen price

1. Interest rate and bond yield differentials

USD/JPY is perhaps more sensitive to interest rate differentials than any other currency pair. The Bank of Japan (BoJ) kept interest rates near zero for years, and even negative from 2016 to 2024, and capped government bond yields with its "yield curve control" policy. Over the same period, the Federal Reserve raised rates rapidly at times. The result was a wide yield gap and a long-term move in this pair. That is why USD/JPY traders follow the US 10-year Treasury yield alongside the chart. See the current rates of both central banks on the global interest rates page.

2. Japanese government intervention

Japan's Ministry of Finance is responsible for currency policy, and when it considers the yen's weakening to be excessive and too rapid, it intervenes in the market by selling dollar reserves; examples occurred in 2022 and 2024. Before an intervention, Japanese officials' tone usually turns to warnings. These interventions can trigger moves of several hundred pips within minutes.

3. Global risk sentiment

On calm, optimistic days the yen usually weakens; in financial crises, wars or stock market crashes, the yen strengthens and USD/JPY falls.

4. Economic data

On the Japanese side, Tokyo and national inflation, the quarterly "Tankan" business sentiment survey, wages and GDP matter; on the US side, NFP, CPI inflation and Federal Reserve meetings. See their exact times in the Teagle economic calendar .

What is the yen carry trade?

A "carry trade" means borrowing a currency with a low interest rate and investing in a currency with a higher yield. Because of years of near-zero interest rates, the yen has been the best-known funding currency for these trades. When traders borrow and sell yen, it puts selling pressure on the yen; but if the market suddenly turns risk-averse or expectations of a Japanese rate hike rise, these positions are closed at the same time and the yen strengthens at an unusual speed. An example of this "carry trade unwind" occurred in summer 2024 and shook global markets as well.

In practice, the overnight swap on USD/JPY usually differs for buys and sells and depends on the interest rate differential. Before holding a multi-day position, calculate its cost or income with the swap calculator .

Pip value in USD/JPY

In yen pairs, one pip equals 0.01 (the second decimal place), not 0.0001. Since the quote currency is the yen, the pip value is first obtained in yen and must be divided by the live USD/JPY rate to convert it into dollars:

So the dollar value of a pip in USD/JPY is not fixed and shifts slightly as the rate changes. The "pip value" tool on this page performs this calculation using the live rate.

Best time to trade dollar/yen

Unlike European currency pairs, USD/JPY is also active during the Asian session. The Tokyo session runs roughly from 3:30 a.m. to 12:30 p.m. Tehran time, and Japanese data is released during these hours. The highest volume, however, usually comes with the New York open and the release of US data (around 16:00 to 17:00 Tehran time). Japan does not observe daylight saving time, but the US does; so the time gap between these two sessions changes over the year. See the exact hours of each market on the global market hours page.

USD/JPY correlation with other markets

• US bond yields: Rising US Treasury yields usually go hand in hand with a rising USD/JPY.
• Stock indices: In a risk-on environment, USD/JPY often moves in the same direction as indices such as the Nasdaq 100 , and in crises it falls along with stocks.
• Yen crosses: EUR/JPY and GBP/JPY repeat part of the yen's move; trading in the same direction across several yen pairs concentrates risk on a single currency.

Risk management tips for trading USD/JPY

• Pay attention to warnings from Japanese officials: when they talk about "undesirable currency moves," the likelihood of intervention and sudden moves increases.
• A common mistake in pip calculation: if you calculate with 0.0001 instead of 0.01, your stop loss and trade size come out a hundred times wrong; before entering, check your calculation with the trading calculator .
• The right broker: execution quality during interventions and major news reveals the differences between brokers; make your comparison in the forex broker reviews section.

See the full list of currency pairs on the forex market symbols page. The information on this page is for informational purposes only and is not a recommendation to buy or sell; the displayed rate comes from market data sources and may differ slightly from your broker's price. Trading with leverage carries high risk and you may lose part or all of your capital.