USD/JPY Exchange Rate History
A decade of US Dollar–Japanese Yen movements, with the events that drove them.
USD/JPY 10-year snapshot
USD/JPY currently sits roughly 95% through its 10-year range — near the upper end, with the rate at decade-high levels.
The last decade in USD/JPY
USD/JPY is dominated by the US-Japan 10-year yield spread. Over 2016–2026, the pair traded between 102 (in COVID safe-haven rally) and 162 (after the BoJ's 2022–2024 yield-curve-control crisis). The structural story: decades of BoJ ultra-low rates created the world's largest carry-trade funding currency, and rate-differential shifts have driven multi-year trends.
Long-term trend
Long secular yen weakness from 2012 to 2024, then a tentative reversal as the BoJ finally exited negative rates in March 2024. JPY had its worst decade in modern history during 2012–2024, driven by Abenomics QE and the BoJ's commitment to ultra-low rates while every other major central bank tightened. The 2024 normalization may mark the beginning of a multi-year reversal.
Key events
Kuroda launches Abenomics QE
Bank of Japan Governor Haruhiko Kuroda announced massive quantitative easing aimed at hitting 2% inflation. The BoJ doubled the monetary base in two years. JPY entered a sustained multi-year weakening trend.
USD/JPY rose from 95 (April 2013) to 125 (June 2015) — a 32% JPY decline in two years.
BoJ goes negative
The BoJ joined the ECB and SNB in negative-rate policy, cutting the deposit rate to -0.10%. Counterintuitively, USD/JPY initially fell on the announcement as Asian markets read it as a sign of policy desperation.
USD/JPY fell from 121 to 99 between January and August 2016 (a brief JPY safe-haven rally), then resumed weakening.
BoJ intervention at 145
Japan's Ministry of Finance conducted its first direct FX intervention since 1998, selling roughly $20 billion of USD to defend the yen. The intervention temporarily halted the rally but the underlying trend resumed.
USD/JPY pulled back from 146 to 140, then climbed to 151 by November 2022.
BoJ exits negative rates
The BoJ raised the deposit rate to +0.10% — the first rate hike in 17 years and the formal end of negative interest rate policy (NIRP). Governor Ueda also abandoned yield-curve control.
USD/JPY paradoxically rose initially (the hike was below market expectations), reaching 162 in July 2024 before reversing on intervention.
August 2024 carry-trade unwind
A combination of BoJ hawkishness, soft US payrolls, and a sudden global volatility spike triggered the largest carry-trade unwind in 20 years. JPY rallied 12% in three days as leveraged positions were closed en masse.
USD/JPY fell from 162 (mid-July 2024) to 141 (August 5, 2024) — a 13% drop in three weeks.
BoJ hikes to 0.75%
BoJ continued normalization with another 25bp hike, reaching its highest policy rate since 2008. JPY strengthened against most major currencies as rate differentials with the Fed narrowed.
USD/JPY fell from 155 to 142 between July and December 2025.
Practical takeaway
For Americans traveling to Japan or sending money there, USD/JPY around 150 is the new normal — far weaker than the 105 of the early 2010s. Time large conversions around BoJ meetings (eight per year) and watch for intervention episodes when USD/JPY approaches 155+. The 2024 carry-trade unwind is a reminder that JPY rallies can be violent and sudden — never assume the trend is one-way.
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Frequently asked questions
Why has the yen been so weak?
Decades of BoJ ultra-low interest rates while every other major central bank raised rates. The interest-rate differential made JPY the world's favorite carry-trade funding currency — investors borrowed yen at near-zero cost to invest in higher-yielding currencies. As the differential widened in 2022–2024, JPY weakened sharply. The BoJ's 2024 exit from negative rates began to reverse this dynamic.
When does Japan intervene in USD/JPY?
The Ministry of Finance (not the BoJ) decides intervention. Historically, verbal intervention begins in the high 140s, and actual yen-buying intervention has occurred above 150 in recent cycles. The September 2022, October 2022, and August 2024 interventions all happened in the 150–162 range.
What's a typical USD/JPY daily move?
In calm markets, 0.3–0.6% daily moves (45–90 pips). During BoJ meetings, US CPI/payrolls releases, or intervention episodes, 1.5%+ daily moves are common. The August 2024 carry-unwind saw 3%+ daily moves for several sessions in a row.
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