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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:

AvaTrade

MT4 Floating
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LCG

CFD Trading - MT4
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LCG

ECN Trading - MT4
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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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HotForex

Currenex Account
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FXCC

ECN Standard
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FXCC

ECN Advanced
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LiteForex

ECN Account
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InstaForex

Eurica Account
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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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FxPro

cTrader
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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 Shrugs off Weak Retail Sales MarketPulse (blog)

The Japanese yen is subdued in the Wednesday session. In the North American session, USD/JPY is trading at the 111 level. On the release front, Japanese Retail Sales posted a small gain of 0.1%, well short of the estimate of 0.7%. In the US, Pending ... More »

USD/JPY: Support Break Remains Intact Economic Calendar

USD/JPY is down 0.15% at 110.96 in today's trading. The pair has maintained the recent breakdown from support shown on the daily chart and the target based on this breakdown remains at the 108.00 level. There is no readily identifiable support on the ... More »

Forex technical analysis: USDJPY moves back above 100 hour MA ForexLive

The USDJPY reversed higher in trading yesterday and in the process moved above a swing level in the 110.62-72 area. The price also move above the 100 hour MA for the first times since March 14th. Today, the rally stalled near topside trend line ...and more » More »

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