USD-JPY - US Dollar / Japanese Yen (USD/JPY)

US Dollar / Japanese Yen (USD/JPY) (USD-JPY).

What This Page Covers

The USD-JPY overview surfaces spot quote, recent price history, and macroeconomic context for the currency pair. FX markets trade approximately 24 hours per business day with a brief weekend close, so the quote reflects continuous flow during the business week. Listed options on currency pairs trade primarily as OTC interbank instruments quoted in implied-volatility space rather than as exchange-listed options chains; this surface focuses on the spot quote, history, and reference data relevant to spot, forward, and FX-options pricing.

About USD-JPY

USD/JPY is the second-most-traded currency pair and the dominant carry-trade vehicle in FX markets, with Japan's long-running zero-and-negative-rate policy making JPY the canonical funding currency for global carry strategies. The principal drivers are the Bank of Japan yield-curve-control policy, the Federal Reserve rate path, US Treasury yields (especially 10-year), Japanese current-account flows, and intervention risk from the Japanese Ministry of Finance during rapid yen depreciation. liquidity peaks during the Tokyo-London overlap and the London-New York overlap; intervention episodes have produced multi-percent intraday moves historically.

USD-JPY Quote Convention and Market Structure

Foreign-exchange pairs are quoted as the price of the base currency expressed in the quote currency. The major-pair universe (EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD, NZD/USD) carries the tightest spreads and deepest liquidity; cross pairs without USD on either side (EUR/GBP, EUR/JPY) and emerging-market crosses widen progressively. The dominant venue is the interbank OTC market, with electronic-communication networks aggregating dealer quotes; retail-facing platforms typically internalize flow rather than passing it through to the interbank market. Macroeconomic drivers (central-bank rates, inflation prints, current-account imbalances, capital flows) move pairs at lower frequencies than equity catalysts.

How USD-JPY Options Differ From Equity Options

FX options are OTC-dominant and quoted in implied-volatility space anchored to delta rather than strike. The standard tenor grid covers overnight, one-week, one-month, three-month, six-month, and one-year buckets; the standard delta grid covers 10-delta, 25-delta, ATM, and risk-reversal / butterfly summary structures. Pricing references the SABR or Vanna-Volga model for surface fitting rather than Black-Scholes alone. Cross-currency relationships introduce arbitrage constraints (triangular consistency, covered interest parity) that equity options markets do not face, making the FX options surface highly interconnected across pairs.

Frequently asked USD-JPY overview questions

What is USD-JPY?

USD-JPY is the listed ticker symbol for US Dollar / Japanese Yen (USD/JPY), a currency pair. USD-JPY is the currency-pair quote shown on this page; FX traders use the pair for spot trading, forward and swap pricing, and currency-options structures. Quote convention reads as price of the base currency expressed in the quote currency.

What currency pair data does this page cover for USD-JPY?

USD-JPY is a currency pair; this page surfaces price chart data, key statistics, and recent news headlines for the symbol. Foreign-exchange markets trade approximately 24 hours during business days with a brief weekend close; the data here reflects the most recent quote refresh from the venue feeds covered by this page. Listed exchange-traded FX options exist for a small set of major pairs; most FX options pricing happens in the OTC interbank market quoted in implied-volatility delta-anchored space rather than on a listed-strike chain.

How does USD-JPY differ from equity tickers for options traders?

Foreign-exchange markets trade approximately 24 hours per business day with a brief weekend close; there is no opening or closing auction in the equity sense. FX options are predominantly OTC interbank products quoted in implied-volatility space (delta-anchored rather than strike-anchored) and are organized around standard tenor buckets. Cross-currency relationships introduce arbitrage relationships (triangular and parity constraints) that equity options do not face. Liquidity is concentrated in major pairs; emerging-market crosses can carry meaningfully wider spreads.

How current is the USD-JPY data on this page?

Price data refreshes continuously during the trading day; the figures shown are point-in-time quotes as of the page render. Foreign-exchange markets do not have GAAP financials, FINRA reporting, or single-issuer analyst coverage. Spot quotes refresh continuously; macroeconomic data (central-bank rates, inflation prints, current-account balances) drives the longer-term direction of each pair and is tracked separately by the central banks and statistical agencies of each currency's home jurisdiction.