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?

Statements from the US and Japanese central banks have pushed USDJPY higher, with the yen holding losses below 157.00. The Bank of Japan lifted rates in a move described as a dovish hike, while Federal Reserve hawkishness has supported the US dollar. Market focus is on growing speculation about possible intervention to support the yen, including around Japan market holidays.

Updated Sep 21, 19:34 UTC

Latest news

Japanese Yen: Intervention risk high as 160 seen possible against US Dollar – ING
www.fxstreet.com · Sep 21, 15:04 UTC
Japanese Yen slides as Fed hawkishness, intervention fears grow
www.fxstreet.com · Sep 21, 14:59 UTC
Japanese Yen holds losses below 157.00 US Dollar with intervention fears growing
www.fxstreet.com · Sep 21, 08:21 UTC
Japanese Yen: Policy delay risks weakness against US Dollar - Commerzbank
www.fxstreet.com · Sep 21, 06:54 UTC
US and Japan Central Bank Statements Push USDjpy Higher
www.actionforex.com · Sep 21, 02:53 UTC
Japanese Yen bulls seem hesitant amid BoJ's dovish rate hike as Fed bets support USD
www.fxstreet.com · Sep 21, 01:12 UTC
Bank of Japan lifts rates as global tightening cycle takes shape
www.hellenicshippingnews.com · Sep 20, 21:00 UTC
Japan market holidays this week raise speculation of intervention to prop up the yen
investinglive.com · Sep 20, 20:31 UTC

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2026-09-21 — FOMC Member Goolsbee Speaks · 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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