Forex

USD/JPY: US Dollar / Japanese Yen

The US dollar priced in yen. It is closely watched for its sensitivity to the gap between US and Japanese interest rates.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Market DNA

Below, USD/JPY is taken apart: its class, its contract, its hours and what is connected to it. Structure, not a signal.

Market DNA

What USD/JPY is made of.

Its class, its contract, the hours it lives in and the institutions, releases and ideas connected to it.

This is structure. It is not a score and it is not a signal: it tells you what the instrument is, not what it will do.

BaseUSDUS DollarQuoteJPYJapanese Yen

The price of USD/JPY is the amount of JPY (Japanese Yen) needed for 1 USD.

Asset class: Forex
Contract: 1 standard lot = 100,000 USD
Platform symbol: USDJPY
Typical sessions: Home sessions: New York and Tokyo.Continuous, 24 hours a day, five days a week. Liquidity varies by session.See the sessions on the World Market Clock
Central banks: Federal Reserve Bank of Japan
Economic events: Interest Rate Decision
Concepts: Carry Trade

Reference data

Where USD/JPY has fixed.

Last reference fixing

158.25

JPY per 1 USD · 9 Oct 2026

1 fixing: down −0.01%
5 fixings: up +0.37%
21 fixings: up +2.65%
63 fixings: down −2.44%

Position in the 63-fixing range

Low 153.27, last 158.25, High 163.91

The last 63 fixings

Moved together, moved apart

Correlation of daily log returns between USD/JPY and the other pairs on this site over the same 63 fixings. +1.00 means the daily changes lined up perfectly, −1.00 that they mirrored each other, 0 that they were unrelated.

A descriptive statistic of reference fixings over one window. Correlations change, and they say nothing about what comes next.

Highest correlation

Daily changes most often in the same direction.

Lowest correlation

Daily changes least aligned, or opposed when negative.

Reference dataSource: European Central Bank reference ratesUpdated 9 Oct 2026Once per working day, around 16:00 CET. Not live, not tradable and not a GIO4X price. Changes compare the last fixing with the fixing 1, 5, 21 and 63 publications earlier.

Trading conditions

As published by GIO4X.

Spread from: 0.2 pipsminimum, widens with market conditions; each account type also has its own minimum (Classic 2.5 pips, Premium 1.5 pips, ECN 0.2 pips), and the wider of the two applies
Leverage: 1:500depends on instrument and jurisdiction
Minimum lot: 0.01
Contract: 1 standard lot = 100,000 USD
Platform symbol: USDJPY

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

On the 777 Raptor demo

Demo symbol USDJPY. How the demo terminal is set up, not GIO4X’s specification for live trading, which is not yet published.

Contract size, 1.00 lot: 100,000 USD; Sizes from 0.01 to 100 lots, in steps of 0.01.
Pip value per 1.00 lot, in JPY: 1,000 JPY; one pip (0.01) × 100,000
Pip value per 1.00 lot, in US dollars: not available: reading the simulated price; at the simulated USDJPY rate, which is not a market rate
Margin per 1.00 lot at 1:100: not available: reading the simulated price; contract size × price ÷ leverage
Margin per 1.00 lot at 1:500: not available: reading the simulated price; 1:500 is the “up to” figure the account types publish: a ceiling, not what an instrument or a client is given

Contract data read from the demo terminal. Demo prices are simulated by GIO4X’s own engine; they are not market prices. Swap rates are not published.

Third-party chart

USD/JPY on a daily chart

The chart is supplied by TradingView and stays unloaded until you ask for it. Loading it connects your browser to TradingView’s servers.

Third partyChart by TradingViewThird-party data for US Dollar / Japanese Yen, not supplied or verified by GIO4X and not a GIO4X price. Symbol FX:USDJPY, UTC.

Before you trade it

Work the numbers. Know the words.

Tools

All tools

Glossary

Full glossary

In depth

What is particular to US Dollar / Japanese Yen.

USD/JPY is the pair in which the gap between two countries’ interest rates shows most plainly. Japan kept interest rates at or near zero for most of three decades, which made the yen the currency the world borrowed in order to hold higher-yielding assets elsewhere. It is also the major pair in which a government has most often stepped into the market itself.

General education about the underlying market. It states no current price or rate, makes no forecast and is not advice. What GIO4X offers on this instrument is in the trading conditions on this page, not here.

What moves it

The Federal Reserve against the Bank of Japan: For long stretches the pair has tracked the gap between United States and Japanese government bond yields. Since Japanese yields moved little for years, that gap was in practice set in the United States, and USD/JPY behaved like a chart of American yields. The link loosens when the Bank of Japan itself becomes the source of news, as it did when it ended its negative interest rate and its control of bond yields in March 2024.
The carry trade: Borrowing yen cheaply to hold assets that pay more is profitable for as long as the yen does not rise by more than the interest earned. The trade builds slowly in calm markets and is closed quickly in a scare, when many holders buy yen back at once. That is why the yen often rises on bad news, and why the pair’s falls have tended to be faster than its rises: early August 2024, days after a Bank of Japan rate increase, was a sharp example.
Intervention by the Ministry of Finance: In Japan the decision to intervene belongs to the Ministry of Finance; the Bank of Japan carries it out as its agent. The ministry sold yen for many years to restrain its rise, and in 2022 bought yen for the first time since 1998, doing so again in 2024. Intervention has changed the speed of a move more reliably than its direction when the interest-rate gap pointed the other way.
The Plaza Accord, 22 September 1985: At the Plaza Hotel in New York the finance ministers and central bank governors of France, West Germany, Japan, the United Kingdom and the United States agreed to bring the dollar down in an orderly way. The dollar, already off its peak, lost roughly half its value against the yen over the next two years. The Louvre Accord of February 1987 was the attempt to stop the fall.
Japan’s own money coming home: Japanese households, insurers and pension funds hold very large assets abroad. In a domestic shock, the expectation that some of that money will be brought home can lift the yen, which is the opposite of what a shock does to most currencies. After the earthquake of March 2011 the yen rose so fast that the Group of Seven intervened together to sell it.

Mechanics

How it is quoted and built.

Base, quote and direction: The dollar is the base currency: the price is the number of yen one dollar costs. A rising chart therefore means a weaker yen, and “the yen strengthened” means the pair fell. This inversion is the commonest mistake newcomers make with the pair.
Two or three decimals: Because one yen is a small unit, yen pairs are quoted to two decimal places, or three where a platform shows fractions of a pip. A pip is 0.01, not 0.0001. On 100,000 dollars one pip is worth 1,000 yen, so its value in any other currency changes as the exchange rate changes.
The busiest hours: USD/JPY is the one major pair with a genuinely active Asian session. Japanese importers and exporters deal around the Tokyo fixing in the Tokyo morning, and the Bank of Japan releases its decision when its meeting ends, around the middle of the Tokyo day, without a fixed minute. The largest moves still tend to follow United States data in the New York morning.
The fiscal year: Japan’s fiscal year ends on 31 March, and many companies and institutions settle their books then and at the half-year. Flows connected with those dates are a regular topic in this market. They are a feature of the calendar, not a reliable pattern in the price.

Timetable and sources

What is scheduled, and where the facts come from.

Worth knowing the timetable of

The Bank of Japan Policy Board’s Interest Rate Decision and the governor’s press conference
The Bank of Japan’s quarterly Outlook for Economic Activity and Prices, and its Tankan business survey
The Federal Open Market Committee’s Interest Rate Decision
The monthly United States employment report and the United States Consumer Price Index
The Japanese Ministry of Finance’s monthly disclosure of foreign exchange intervention
The weekly Commitments of Traders report, for positioning in yen futures

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Bank of Japan: Statement on Monetary Policy, Outlook for Economic Activity and Prices, Summary of Opinions and the Tankan survey
Ministry of Finance, Japan: Foreign Exchange Intervention Operations; International Transactions in Securities
Federal Reserve: Federal Open Market Committee statements and minutes; Federal Reserve History, on the Plaza Accord
Bank for International Settlements: Triennial Central Bank Survey
Commodity Futures Trading Commission: Commitments of Traders

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

The cost of a trade is the spread, any commission, and financing for each night it is held. The Cost Lab works the three out for a day trade, an overnight position and a longer hold, from figures you enter. A complete total also needs the swap rates, which are not yet published; the Lab shows which input is missing instead of a total that only looks complete.

Work it out in the Cost Lab

The risk, in ordinary type.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

USD/JPY is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure

Continue

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USD/JPYUS Dollar / Japanese Yen

The US dollar priced in yen. It is closely watched for its sensitivity to the gap between US and Japanese interest rates.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Where USD/JPY has fixed.

Last reference fixing

158.25

JPY per 1 USD · 9 Oct 2026

1 fixing: down −0.01%
5 fixings: up +0.37%
21 fixings: up +2.65%
63 fixings: down −2.44%

Position in the 63-fixing range

Low 153.27, last 158.25, High 163.91

The last 63 fixings

Moved together, moved apart

A descriptive statistic of reference fixings over one window. Correlations change, and they say nothing about what comes next.

Highest correlation

Daily changes most often in the same direction.

Lowest correlation

Daily changes least aligned, or opposed when negative.

As published by GIO4X.

Spread from

0.2 pipsminimum, widens with market conditions; each account type also has its own minimum (Classic 2.5 pips, Premium 1.5 pips, ECN 0.2 pips), and the wider of the two applies

Leverage

1:500depends on instrument and jurisdiction

Minimum lot

0.01

Contract

1 standard lot = 100,000 USD

Platform symbol

USDJPY

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

On the 777 Raptor demo

Demo symbol USDJPY. How the demo terminal is set up, not GIO4X’s specification for live trading, which is not yet published.

Contract size, 1.00 lot: 100,000 USD; Sizes from 0.01 to 100 lots, in steps of 0.01.
Pip value per 1.00 lot, in JPY: 1,000 JPY; one pip (0.01) × 100,000
Pip value per 1.00 lot, in US dollars: not available: reading the simulated price; at the simulated USDJPY rate, which is not a market rate
Margin per 1.00 lot at 1:100: not available: reading the simulated price; contract size × price ÷ leverage
Margin per 1.00 lot at 1:500: not available: reading the simulated price; 1:500 is the “up to” figure the account types publish: a ceiling, not what an instrument or a client is given

Contract data read from the demo terminal. Demo prices are simulated by GIO4X’s own engine; they are not market prices. Swap rates are not published.

What is particular to US Dollar / Japanese Yen.

What moves it

The Federal Reserve against the Bank of Japan: For long stretches the pair has tracked the gap between United States and Japanese government bond yields. Since Japanese yields moved little for years, that gap was in practice set in the United States, and USD/JPY behaved like a chart of American yields. The link loosens when the Bank of Japan itself becomes the source of news, as it did when it ended its negative interest rate and its control of bond yields in March 2024.
The carry trade: Borrowing yen cheaply to hold assets that pay more is profitable for as long as the yen does not rise by more than the interest earned. The trade builds slowly in calm markets and is closed quickly in a scare, when many holders buy yen back at once. That is why the yen often rises on bad news, and why the pair’s falls have tended to be faster than its rises: early August 2024, days after a Bank of Japan rate increase, was a sharp example.
Intervention by the Ministry of Finance: In Japan the decision to intervene belongs to the Ministry of Finance; the Bank of Japan carries it out as its agent. The ministry sold yen for many years to restrain its rise, and in 2022 bought yen for the first time since 1998, doing so again in 2024. Intervention has changed the speed of a move more reliably than its direction when the interest-rate gap pointed the other way.
The Plaza Accord, 22 September 1985: At the Plaza Hotel in New York the finance ministers and central bank governors of France, West Germany, Japan, the United Kingdom and the United States agreed to bring the dollar down in an orderly way. The dollar, already off its peak, lost roughly half its value against the yen over the next two years. The Louvre Accord of February 1987 was the attempt to stop the fall.
Japan’s own money coming home: Japanese households, insurers and pension funds hold very large assets abroad. In a domestic shock, the expectation that some of that money will be brought home can lift the yen, which is the opposite of what a shock does to most currencies. After the earthquake of March 2011 the yen rose so fast that the Group of Seven intervened together to sell it.

How it is quoted and built.

Base, quote and direction: The dollar is the base currency: the price is the number of yen one dollar costs. A rising chart therefore means a weaker yen, and “the yen strengthened” means the pair fell. This inversion is the commonest mistake newcomers make with the pair.
Two or three decimals: Because one yen is a small unit, yen pairs are quoted to two decimal places, or three where a platform shows fractions of a pip. A pip is 0.01, not 0.0001. On 100,000 dollars one pip is worth 1,000 yen, so its value in any other currency changes as the exchange rate changes.
The busiest hours: USD/JPY is the one major pair with a genuinely active Asian session. Japanese importers and exporters deal around the Tokyo fixing in the Tokyo morning, and the Bank of Japan releases its decision when its meeting ends, around the middle of the Tokyo day, without a fixed minute. The largest moves still tend to follow United States data in the New York morning.
The fiscal year: Japan’s fiscal year ends on 31 March, and many companies and institutions settle their books then and at the half-year. Flows connected with those dates are a regular topic in this market. They are a feature of the calendar, not a reliable pattern in the price.

What is scheduled, and where the facts come from.

Worth knowing the timetable of

The Bank of Japan Policy Board’s Interest Rate Decision and the governor’s press conference
The Bank of Japan’s quarterly Outlook for Economic Activity and Prices, and its Tankan business survey
The Federal Open Market Committee’s Interest Rate Decision
The monthly United States employment report and the United States Consumer Price Index
The Japanese Ministry of Finance’s monthly disclosure of foreign exchange intervention
The weekly Commitments of Traders report, for positioning in yen futures

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Bank of Japan: Statement on Monetary Policy, Outlook for Economic Activity and Prices, Summary of Opinions and the Tankan survey
Ministry of Finance, Japan: Foreign Exchange Intervention Operations; International Transactions in Securities
Federal Reserve: Federal Open Market Committee statements and minutes; Federal Reserve History, on the Plaza Accord
Bank for International Settlements: Triennial Central Bank Survey
Commodity Futures Trading Commission: Commitments of Traders

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

Work it out in the Cost Lab

The risk, in ordinary type.

USD/JPY is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure