FX
USD/JPY
The Japanese yen price of one US dollar. It tracks the US-Japan interest rate differential closely, and fast yen weakness feeds into carry-trade positioning and global liquidity flows.
USD/JPY latest observations
- Observed
- 2026-10-23
- Latest
- 156.9 JPY
- Change from previous
- ▼ -0.24 JPY
Check the observation dates in both the summary and chart; release and refresh times can differ.
At a glance
USD/JPY: latest value and prior change
As of 2026-10-16, USD/JPY is 158.0 JPY. It is 0.18 JPY lower than 158.2 JPY on 2026-10-15.
Within the default comparison window of 1,000 observations from 2022-10-18 to 2026-10-16, the latest value is at the tie-adjusted 85th percentile. Available history covers 2016-01-04 to 2026-10-16 with 2,696 observations.
- Observed on
- Default comparison window
- 2022-10-18–2026-10-16
- Observations · observed cadence
- 1,000 · Daily
- Data source
- FRED
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
2026-07-23 → 2026-10-16 · JPY
- First
- 163.8 JPY
- 2026-07-23
- Latest
- 158.0 JPY
- 2026-10-16
- Window low
- 153.5 JPY
- 2026-09-09
- Window high
- 163.9 JPY
- 2026-07-29
The horizontal axis follows observation order; calendar intervals may differ. High and low refer to observed values within this window, not intraday or all-time extremes. Ties show the first observation date.
Time-series chart
USD/JPY
2016-01-04–2026-10-16
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Recent observations and calculated changes
The ten latest chart observations. Change subtracts the previous observation; intervals vary with holidays, release schedules and missing data. A difference in rates or ratios is not an investment return.
| Observed | Value | Previous date | Difference (current − previous) |
|---|---|---|---|
| 2026-10-16 | 158.0 JPY | 2026-10-15 | -0.18 JPY |
| 2026-10-15 | 158.2 JPY | 2026-10-14 | -0.66 JPY |
| 2026-10-14 | 158.8 JPY | 2026-10-13 | 0.48 JPY |
| 2026-10-13 | 158.4 JPY | 2026-10-09 | 0.02 JPY |
| 2026-10-09 | 158.3 JPY | 2026-10-08 | 0.01 JPY |
| 2026-10-08 | 158.3 JPY | 2026-10-07 | 0.22 JPY |
| 2026-10-07 | 158.1 JPY | 2026-10-06 | -0.01 JPY |
| 2026-10-06 | 158.1 JPY | 2026-10-05 | 0.15 JPY |
| 2026-10-05 | 158.0 JPY | 2026-10-02 | 0.16 JPY |
| 2026-10-02 | 157.8 JPY | 2026-10-01 | 0.18 JPY |
Source: FRED
Interpretation guide
USD/JPY: where the yen carry trade meets BOJ policy
USD/JPY quotes how many yen buy one US dollar, so a rising pair means a weaker yen. More than a simple exchange rate, it mirrors the US-Japan rate gap, the Bank of Japan's policy stance, and the size of the yen carry trade, in which cheap yen funding is recycled into higher-yielding assets. Its competitive link to Korean exporters gives it direct relevance for Korea-focused investors.
A pair driven by rate gaps and the BOJ
The big swings in USD/JPY have historically followed the US-Japan interest-rate differential. A wide gap encourages selling yen for dollars, while any BOJ signal toward policy normalization can unwind that flow abruptly.
- A rising pair means yen weakness, usually reflecting a wider rate gap or stronger risk appetite.
- Around BOJ meetings and governor remarks, sharp moves can be noise, so defer trend conclusions.
- If US yields fall but USD/JPY holds firm, carry demand is likely still deep.
Carry unwinds as the tail risk
Carry positions build quietly and unwind violently. A large drop in USD/JPY over a few sessions can signal deleveraging across global risk assets, which is why a sudden yen surge functions as a risk-off indicator in its own right.
- A gradual decline mostly reprices the rate gap; a sharp multi-day plunge calls for a carry-unwind check first.
- A yen spike arriving with a VIX jump and falling global equities points to spreading position reduction.
- During an unwind, wait for the pair and volatility to stabilize before judging anything oversold.
The Korean angle
Yen weakness sharpens Japanese price competitiveness in autos, machinery, and parts of electronics, which weighs on competing Korean exporters. Yet smooth carry conditions also mark healthy global risk appetite that tends to support KOSPI, so the pair should never be read one-dimensionally.
- Overlay USD/JPY with USD/KRW to see whether the won or the yen is weakening faster.
- In yen-weak phases, set conservative earnings assumptions for sectors that overlap with Japanese exports.
- Pairing it with VIX, US Treasury yields, and KOSPI on TapeFlow helps distinguish carry-on from unwind phases.