Currency rates · Figures on this page update automatically.
The rate above shows how many Japanese yen one US dollar buys right now, quoted at the mid-market rate — the midpoint between the bid and ask banks quote each other. Dollar-yen is driven more than most pairs by the gap between US and Japanese interest rates: when US yields sit well above Japanese ones, holding dollars pays more and the yen tends to soften. A weaker yen also flatters Japan's big exporters, whose overseas earnings translate into more yen, which is why Tokyo's stock market often rises as the currency falls.
Does a higher USD/JPY number mean a stronger yen?
No — the quote is yen per dollar, so a higher number means each dollar buys more yen and the yen is weaker. A falling number means the yen is strengthening.
Why do interest rates move the yen so much?
The yen has long been a low-yielding currency, so investors borrow in it to buy higher-yielding assets elsewhere. When rate differentials widen that trade grows and the yen softens; when they narrow it can unwind quickly.
Why do Japanese exporters benefit from a weak yen?
Carmakers, machinery and electronics firms sell in dollars and euros but report in yen, so the same overseas sale converts into a larger yen figure. A weaker yen also makes their goods cheaper against foreign competitors.