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USD/JPY from 0 Pips

Compare Forex brokers and accounts with tight USD/JPY spreads. Find the best broker for your Japanese yen carry trades and "BoJ intervention" trades:

easyMarkets

Standard 1 pip Account
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easyMarkets

VIP Account
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HotForex

Currenex Account
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LCG

CFD Trading - MT4
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LCG

ECN Trading - MT4
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Fullerton Markets

ECN Account
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AvaTrade

MT4 Floating
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LQDFX

Islamic Account
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LQDFX

Gold Account
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LQDFX

ECN Account
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FXCC

ECN Standard
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FXCC

ECN Advanced
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InstaForex

Eurica Account
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LiteForex

ECN Account
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FxPro

cTrader
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FXGiants

Micro Account
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FXGiants

Premium Account
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FXGiants

0 Pips on Majors
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FXOpen

ECN (MT4) Account
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FXPRIMUS

ECN Premier
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Japan is an economic powerhouse and the world’s third largest economy behind the United States and China.

The Japanese yen is the third most actively traded currency and the USD/JPY is the second largest currency pair by trading volumes according to the 2010 BIS survey. The depth of its capital markets and the liquidity of its currency make it popular with investors seeking exposure to Asia.

Bank of Japan intervention

The Bank of Japan (BoJ) is an active participant in the foreign exchange markets. The central bank intervenes on a regular basis to correct what it considers to be excessive currency appreciation or depreciation. If you're trading the yen and hold positions overnight, you should be aware that the BoJ can intervene at any time and without notice. If you’re waiting on the sidelines, you’ll want to time your entry carefully as a BoJ intervention can trigger large price jumps.

Carry trades and the Japanese yen

The Bank of Japan has kept interest rates very low since the mid 1990s in an attempt to spur economic growth. The policy of low to nil interest rates has made the Japanese yen a popular choice for carry trades. You could borrow in Japanese yen and re-invest the proceeds into higher yielding currencies to capture the interest rate differential. Carry trades put downward pressure on the yen and go some way towards explaining exchange rate volatility as investors open and unwind positions.

Trading the USD/JPY

The USD/JPY enjoys strong liquidity and low bid ask spreads. Carry trades and BoJ intervention trades create opportunities for discerning traders. This makes the Japanese yen a strong currency for beginners and more experienced foreign exchange traders alike.

Compare USD/JPY spreads and leverage across popular Forex trading accounts with our interactive chart, or find an account that matches your experience and preferences with our broker search tool.

Latest news

USD/JPY: Yen Remaining Under Pressure DailyForex.com

Technically: the USD/JPY movement is still in an upward channel and will be stronger if the price established above 112.00 level, which will give the pair a new power to make gains. The USD is still the lower gainer against the JPY, unlike other ... More »

USD/JPY – Yen Slide Continues as Markets Eye Trump Tax Announcement MarketPulse (blog)

USD/JPY has posted gains in the Wednesday session, continuing the upward trend which marked Tuesday trading. In the North American session, the dollar is trading at 111.50. The Japanese yen has dropped 1.6 percent since Monday and is trading at ... More »

Huge Japan data dump - a look at the USD/JPY response (AKA "Is this thing on?") ForexLive

I posted earlier that Barclays expect 'modest' USD selling to end the month. To elaborate just a little, their passive rebalancing model month end points to modest dollar selling vs. the JPY, GBP, CAD & AUD. But is neutral against the EUR ...and more » More »

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