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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:

HotForex EU

Currenex Account
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AvaTrade

MT4 Floating
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FxPro

cTrader
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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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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 Steady on Mixed Manufacturing Data MarketPulse (blog)

USD/JPY is almost unchanged in the Friday session. Currently, the pair is trading just above the 114 line. On the release front, Japanese manufacturing reports were mixed. Core Machinery Orders were dismal, with a sharp decline of 5.1%. However ...and more » More »

USD/JPY: 'Trump Trade' Running Out Of Legs: What's Next? - NAB eFXnews

Meanwhile the lack of policy and spending plan details in Trump's Tweets and press conference last week added to this concern. After reaching a high of ¥118.6 on 4 January, USDJPY has collapsed nearly four big figures, 10y US Treasury yields have ... More »

USD/JPY Forecast Jan. 15-20 Forex Crunch

USD/JPY posted its sharpest weekly drop since July 2016, as the pair fell 280 points. The pair closed the week at 114.35. This week has four events. Here is an outlook for the highlights of this week and an updated technical analysis for USD/JPY. The ... More »

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