Currency
USD/JPY exchange-rate chart
USD/JPY quotes the US dollar, issued by the Federal Reserve, against the Japanese yen, issued by the Bank of Japan (BoJ). The dollar is the base currency and the yen is the quote currency, so the figure shown is how many yen one dollar buys.
This is an interbank spot mid-market quote. USD/JPY is one of the three most traded currency pairs globally and is closely tied to the gap between US and Japanese interest rates.
USD / JPY chart
FX:USDJPYCharts by TradingView. Switch instrument from the market charts hub or the related charts below — each one has its own page.
At a glance
| Full name | United States Dollar / Japanese Yen |
|---|---|
| Pair code | USD/JPY |
| TradingView symbol | FX:USDJPY |
| Instrument type | Spot FX interbank quote (mid-market) |
| Base currency | US dollar (USD) |
| Quote currency | Japanese yen (JPY) |
| What one unit represents | How many yen one US dollar buys |
| Market schedule | Roughly 24 hours a day, Sunday evening to Friday evening UTC; closed at weekends |
| Central banks involved | US Federal Reserve; Bank of Japan |
| Liquidity/session notes | Highly liquid during Tokyo trading hours as well as the London and New York sessions |
| Data delay note | Chart data may be delayed; this page is not a dealing or payment rate |
What is USD / JPY?
The US dollar is issued by the Federal Reserve, while the yen is issued by the Bank of Japan, which held short-term interest rates near or below zero for an extended period before beginning a gradual policy normalisation. This long period of ultra-low Japanese rates made the yen a common funding currency for carry trades, in which investors borrow cheaply in yen to invest in higher-yielding assets elsewhere.
USD/JPY is therefore particularly sensitive to the interest-rate differential between the US and Japan, and to shifts in the BoJ's yield-curve and rate policy, which can trigger rapid unwinding of carry positions.
How to read this chart
A rising USD/JPY line means one dollar buys more yen — the yen is weakening against the dollar. A falling line means one dollar buys fewer yen — the yen is strengthening.
A Japanese exporter invoicing in dollars benefits from a weaker yen (rising USD/JPY), as dollar revenue converts into more yen; a stronger yen (falling USD/JPY) reduces the yen value of the same dollar sales. The chart shows a mid-market reference rate rather than the rate a bank would apply to an actual payment.
What moves it?
- US–Japan interest-rate differential
- The gap between Federal Reserve and Bank of Japan policy rates is the dominant driver of the pair over medium-term horizons.
- Bank of Japan policy shifts
- Changes to the BoJ's short-term rate or its approach to government bond yields can move the yen sharply, given the low starting point of Japanese rates.
- Carry trade flows
- Investors borrowing yen to fund higher-yielding positions elsewhere add a distinct flow dynamic; unwinding of these trades can cause rapid, large yen moves.
- US Treasury yields
- Movements in US bond yields, which affect the relative attractiveness of holding dollars versus yen, closely track USD/JPY over time.
- Risk sentiment
- The yen has traditionally been viewed as a safe-haven currency in times of global market stress, which can cause USD/JPY to fall even without Japan-specific news.
Why businesses and investors monitor it
Companies trading with Japanese suppliers or customers use USD/JPY to judge hedging costs and to price contracts, while treasury teams with yen-denominated assets or liabilities monitor it for translation exposure in consolidated accounts.
Because the pair is closely linked to global carry trade activity, sudden USD/JPY moves are also watched as a broader indicator of shifts in risk appetite across financial markets.
USD/JPY vs the US 10-year Treasury yield
USD/JPY has historically tracked the US 10-year Treasury yield closely, since higher US yields make dollar-denominated assets more attractive relative to low-yielding yen assets, encouraging capital flows that weaken the yen.
Comparing the two series helps identify whether a USD/JPY move is being driven primarily by US rate expectations or by yen-specific developments in Japan.
Frequently asked questions
Why does USD/JPY move so much around Bank of Japan announcements?
Japanese interest rates have been unusually low for a long period, so any signal of policy change from the BoJ has an outsized effect on rate-differential expectations and the yen.
What is a yen carry trade?
It is a strategy of borrowing in yen at low interest rates and investing the proceeds in higher-yielding assets denominated in other currencies; unwinding such trades can move USD/JPY quickly.
What does a weaker yen mean for a Japanese exporter?
A weaker yen (rising USD/JPY) means dollar-denominated export sales convert into more yen, which can support exporter margins, all else equal.
Why is my bank's USD/JPY rate different from the chart?
The chart shows an interbank mid-market rate; banks and payment providers apply their own margin on top for actual transactions.
Related market charts
Investment calculators
- Investment Growth Calculator
Project how a lump sum and regular contributions compound over time.
- ROI and CAGR Calculator
Turn a start and end value into a total return and an annualised growth rate.
- Drawdown Recovery Calculator
See what gain is needed to recover from a given fall in value.
- Investment Comparison Calculator
Compare two options side by side on the same assumptions.
Sources
Written and maintained by the StandardsDesk editorial team. Last reviewed 2026-08-06. The explanatory text on this page is evergreen: it is not updated with market movements, and no current price or level is quoted anywhere outside the chart.
Investing through a company?
A broker or financial institution may request a Legal Entity Identifier when a legal entity trades financial instruments.