Convert US Dollar to Japanese Yen
USD to JPY Exchange Rate Calculator
1 US Dollar (USD) = 159.4900 Japanese Yen (JPY) at the live mid-market rate. That means $100 USD converts to roughly 15,949.00 JPY, and $1,000 USD converts to about 159,490.00 JPY. The USD/JPY rate refreshes every hour from Frankfurter, which sources data from the European Central Bank reference set. Enter any amount below to convert instantly — free, no sign-up.
90-day USD/JPY context
Over the past 90 days, USD/JPY has traded between 156.2100 and 159.9000. The current rate of 159.4900 sits roughly 89% through that range — near the upper end, meaning Japanese Yen has been weaker than typical against US Dollar recently. Versus the rate 90 days ago, US Dollar has strengthened by 1.51% against Japanese Yen.
USD/JPY Price History
Interactive USD/JPY exchange rate chart with 7-day, 30-day, and 90-day views.
About US Dollar (USD)
The United States Dollar (USD) is the world's primary reserve currency and the single most traded currency in global foreign exchange markets. Issued by the Federal Reserve System since 1913, it anchors the DXY (U.S. Dollar Index) and sits on one side of roughly 88% of all forex transactions.
- •Involved in ~88% of all daily forex turnover (BIS Triennial Survey)
- •Accounts for roughly 58% of allocated central bank reserves (IMF COFER)
- •Primary invoicing currency for global oil, metals, and most commodities
- •Dollar-denominated debt issued outside the US exceeds $13 trillion
- •The Federal Reserve sets the federal funds rate, which drives USD strength globally
About Japanese Yen (JPY)
The Japanese Yen (JPY) is the official currency of Japan and the third-most-traded currency worldwide. It is the premier carry-trade funding currency thanks to decades of ultra-low interest rates, and it plays a defining safe-haven role during global equity selloffs.
- •Third-most-traded currency, ~17% of daily forex volume
- •Bank of Japan ended its negative interest rate policy in March 2024 after 17 years
- •Japan holds the world's largest net international investment position
- •Yen weakness typically boosts Japanese exporter earnings (Toyota, Sony, etc.)
- •The Ministry of Finance — not the BoJ — controls FX intervention policy
Frequently Asked Questions
What drives the USD/JPY exchange rate?
The single biggest driver is the US–Japan 10-year government bond yield spread. When US yields rise faster than Japanese yields, USD/JPY climbs; when the gap narrows, JPY strengthens. Since the BoJ ended negative interest rates in March 2024, the yield spread has compressed, reducing USD/JPY's upward drift.
Why is JPY a safe-haven currency?
Japan runs the world's largest net international investment position — Japanese investors hold massive foreign assets. In risk-off episodes, those investors repatriate capital to JPY, causing sharp yen strength. JPY also funds global carry trades, which unwind violently during equity selloffs.
When does Japan intervene in USD/JPY?
The Ministry of Finance (not the BoJ) directs intervention. Historically, verbal intervention begins in the high 140s–150s, and actual yen-buying intervention has occurred above 155 in recent cycles. Watch MoF officials' language closely at these levels.
What is the "yen carry trade"?
Investors borrow in JPY at near-zero rates and invest in higher-yielding currencies like USD, MXN, or TRY. It's one of the largest trades in FX. When volatility spikes or Japanese yields rise, carry unwinds create sharp JPY rallies.
Does USD/JPY trade 24 hours?
Yes, but liquidity is highest during the Tokyo session (23:00–08:00 UTC) and the London–NY overlap. Asian holidays (Golden Week in May, Christmas/New Year) produce thin liquidity and occasional flash crashes.
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Exchange rates refresh hourly · Sourced from institutional-grade data providers