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, so the number 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 pairs in the world and tracks the gap between US and Japanese interest rates closely.
USD / JPY chart
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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 Federal Reserve issues the dollar. The Bank of Japan issues the yen and held short-term rates near or below zero for years before starting a gradual normalisation. That long stretch of near-zero Japanese rates made the yen a favourite funding currency for carry trades, where investors borrow cheap yen to buy higher-yielding assets elsewhere.
USD/JPY is therefore highly sensitive to the US–Japan rate gap, and to any shift in BoJ policy, which can trigger a rapid unwind of carry positions.
How to read this chart
A rising line means one dollar buys more yen: the yen is weakening. A falling line means the yen is strengthening.
A Japanese exporter invoicing in dollars benefits when the yen weakens (rising USD/JPY), since dollar revenue converts into more yen; a stronger yen cuts the yen value of the same sales. The chart is a mid-market reference rate, not what a bank applies to an actual payment.
What moves it?
- US–Japan interest-rate differential
- The gap between Fed and BoJ policy rates is the dominant driver of this pair over medium-term horizons.
- Bank of Japan policy shifts
- Any change to the BoJ's short-term rate or its approach to bond yields can move the yen sharply, given how low Japanese rates start from.
- Carry trade flows
- Investors borrowing yen to fund higher-yielding positions elsewhere add a distinct flow. Unwinding those trades can cause fast, large yen moves.
- US Treasury yields
- US bond yields, which drive the relative appeal of holding dollars versus yen, track USD/JPY closely over time.
- Risk sentiment
- The yen has long been treated as a safe haven in market stress, which can pull USD/JPY down without any Japan-specific news.
Why people watch it
Companies trading with Japanese suppliers or customers use USD/JPY to judge hedging costs and price contracts, while treasury teams with yen assets or liabilities watch it for translation exposure in consolidated accounts.
Because the pair is tied to global carry trade activity, sharp USD/JPY moves are also read as a signal of shifting risk appetite across financial markets more broadly.
USD/JPY vs the US 10-year Treasury yield
USD/JPY has tracked the US 10-year Treasury yield closely: higher US yields make dollar assets more attractive than low-yielding yen assets, pulling in capital flows that weaken the yen.
Comparing the two series shows whether a USD/JPY move is coming from US rate expectations or from yen-specific developments in Japan.
Frequently asked questions
Why does USD/JPY move so much around Bank of Japan announcements?
Japanese rates have been unusually low for a long stretch, so any hint of policy change from the BoJ has an outsized effect on rate-differential expectations and the yen.
What is a yen carry trade?
Borrowing yen at low rates and investing the proceeds in higher-yielding assets elsewhere. Unwinding these 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 add their own margin for actual transactions.
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Sources
Written and maintained by the StandardsDesk editorial team. Last reviewed 2026-08-06. The text here is deliberately evergreen: it is not rewritten every time the market moves, and no price or level is quoted anywhere outside the chart itself.
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