USD/JPY

USD/JPY is a major currency pair representing the US dollar against the Japanese yen. It shows how many yen one US dollar buys. The pair is heavily influenced by the interest-rate difference between the Federal Reserve and Bank of Japan, government bond yields, intervention risk, and global risk sentiment.

The rate of USD/JPY is 156.32 as of September 5, 2026 — up 0.02% over the last 24 hours. Over the same window USD/JPY traded between 155.34 and 157.00.

USD/JPY is quoted as Japanese yen per US dollar. Long USD/JPY means long the US dollar and short the Japanese yen. Before fees and funding, the position benefits when the dollar strengthens relative to the yen and loses when the dollar weakens. Short USD/JPY means short the US dollar and long the Japanese yen. Before fees and funding, the position benefits when the dollar weakens relative to the yen and loses when the dollar strengthens. Eligible FX markets offer multipliers of up to 50x, depending on the pair and jurisdiction. The maximum is not a recommended position size.

Go short USD/JPY. Because USD is the base currency, a falling USD/JPY rate means one dollar buys fewer yen. This expresses a dollar view only against the other currency in the pair, not against every currency.

Long USD/JPY means long the US dollar and short the Japanese yen. Before fees and funding, the position benefits when the dollar strengthens relative to the yen and loses when the dollar weakens. Short USD/JPY means short the US dollar and long the Japanese yen. Before fees and funding, the position benefits when the dollar weakens relative to the yen and loses when the dollar strengthens.

No. The USD/JPY perpetual tracks a currency-pair reference rate without delivering or conferring ownership of either currency. It has no fixed expiry and introduces margin, liquidation, funding, and venue-specific execution costs.

Traders commonly watch Federal Reserve versus Bank of Japan rate expectations, US Treasury and Japanese government bond yields, Intervention risk and changes in global risk sentiment.

Yes. The trade card on this page links to the Liquid market for USD/JPY. Before submitting an order, review the available multiplier, margin requirement, and estimated liquidation price in the app, plus the venue's current fee and funding information.

The 24-hour trading volume shown for the USD/JPY perpetual on Liquid is $5.66M as of September 5, 2026. This is volume reported for this contract by the underlying venue, not total global FX turnover. Higher volume can indicate more active price discovery, but it does not remove trading risk.