USD/JPY is the exchange rate between the US dollar and the Japanese yen, showing how many yen one US dollar buys.

The pair is especially sensitive to the interest-rate differential between the US Federal Reserve and the Bank of Japan, US Treasury yields, and risk sentiment.

Why does USD/JPY track interest rates so closely?

Because Japanese interest rates have stayed very low for years, USD/JPY tends to move with the gap between US and Japanese government-bond yields; historically a wider gap has coincided with a stronger dollar against the yen.

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Japanese Yen (USD/JPY) news & analysis

USD/JPY is the exchange rate between the US dollar and the Japanese yen, a major pair sensitive to interest-rate differentials.

Why is USD/JPY up or down today?

USD/JPY is hovering near levels that have previously prompted Japanese intervention, as renewed carry demand pressures the yen despite official warnings. The country's struggle to stem the currency's decline is compounded by BOJ rate-hike expectations, with reports of a possible September move, while US record stock highs and firm yields keep the dollar supported. These dynamics underscore the market's sensitivity to intervention risk and monetary policy divergence between Japan and the US.

Updated 2 hr. ago

Latest news

investingLive Americas FX news wrap 14 Aug: Stocks finish mixed as yields rise and the dollar falls
investinglive.com · yesterday
USD/JPY Tests Japan’s Intervention Line as Carry Demand Rebuilds
www.investing.com · 2 days ago
Why Japan Is Struggling to Stop the Yen’s Decline
www.nytimes.com · yesterday
Traders are spoiling for a fight over the yen
www.ft.com · 16 hr. ago
The Guardian view on Japan’s yen: Trump wants to keep the easy-money machine running | Editorial
www.theguardian.com · 2 days ago
US stocks hit records (again...), but oil and earnings risks are growing. What can you trade?
investinglive.com · yesterday
Its the 'what'd I miss?' post! Oil falls despite Hormuz chaos, S&P 500 record high
investinglive.com · 2 days ago
BOJ reportedly set for a September rate hike, eyes faster pace of tightening
investinglive.com · 2 days ago

Upcoming economic events

2026-08-16 — Prelim GDP Price Index y/y · forecast 2.3% · JPY
2026-08-16 — Prelim GDP q/q · forecast 0.5% · JPY
2026-08-17 — Tertiary Industry Activity m/m · forecast -0.9% · JPY
2026-08-17 — Revised Industrial Production m/m · forecast 1.3% · JPY
2026-08-17 — Empire State Manufacturing Index · forecast 10.6 · USD
2026-08-17 — NAHB Housing Market Index · forecast 33 · USD
2026-08-17 — TIC Long-Term Purchases · forecast 151.4B · USD
2026-08-18 — ADP Weekly Employment Change · USD

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Frequently asked questions

What is USD/JPY?: USD/JPY is the exchange rate between the US dollar and the Japanese yen, showing how many yen one US dollar buys.
What moves USD/JPY?: The pair is especially sensitive to the interest-rate differential between the US Federal Reserve and the Bank of Japan, US Treasury yields, and risk sentiment.
Why does USD/JPY track interest rates so closely?: Because Japanese interest rates have stayed very low for years, USD/JPY tends to move with the gap between US and Japanese government-bond yields; historically a wider gap has coincided with a stronger dollar against the yen.
Why is USD/JPY up or down today?: USD/JPY moves closely with the gap between US and Japanese government-bond yields and with risk sentiment, so a change in either can move it within a day. See the analysis at the top of this page for the current driver.

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