USD / JPY
The yen cross — the world's classic carry-trade currency and risk-on/off barometer.
Previous close ¥158.0702
52-week high
¥163.8704
52-week low
¥147.046
YTD change
+0.77%
The 30-second take
USD/JPY is driven by the US-Japan rate differential. When US rates rise faster than Japanese rates, USD/JPY goes up (yen weakens). Historically the yen has been a safe-haven — rallies when risk is off — but that relationship broke in 2022–2024 with BoJ easing. Today it's more about policy divergence. A strong dollar + weak yen benefits the Nikkei (exporters) but pressures Japanese consumers. Critical for Japan-exposed M&A and global macro answers.
Historical reference points
Bankers instinctively contextualise today's level against these moments. Each row shows how far the current level is above / below that reference.
- 2011 yen peakOct 2011¥76.00+107.78%
- 2015 spikeJun 2015¥125.00+26.33%
- 2022 interventionOct 2022¥151.00+4.58%
- 2024 peakJul 2024¥161.00-1.92%
Compare against
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