USD/JPY: Live Rate, Pip Value and Why the Decimal Differs
The yen pair where the decimal changes: a pip is 0.01, not 0.0001. Get that wrong and every position is a hundred times the intended size, which is why it is the first thing on this page.
USD/JPY is the dollar priced in yen, and its pip is 0.01 rather than 0.0001 because the pair is quoted to two decimals. At a standard lot of 100,000 dollars a pip is 1,000 yen, converted to roughly $6-7 depending on the rate. It tracks the US-Japan yield gap closely and is most active in the Tokyo and New York sessions.
USD/JPY right now
One pip = 0.01 of price. A standard lot is 100,000 dollars, so pip value = pip size × contract size × lots, converted from JPY at the live rate. Figures assume a USD account; confirm the contract size with your broker.
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Open USDJPY on the live desk (H1) → See what the desk does →The decimal rule, first
JPY pairs are quoted to two or three decimals, so one pip is 0.01. A move from 150.00 to 151.00 is 100 pips, not 10,000. The pip value is also not a fixed $10: it is 1,000 yen per standard lot, which converts at the current rate - the tool above does that conversion live.
What drives it
- The yield gap. USD/JPY has tracked the difference between US and Japanese government bond yields more closely than most pairs track anything.
- Bank of Japan policy, which has historically been the outlier among major central banks.
- Risk sentiment. The yen has a long-standing reputation as a defensive currency, so stress in equities often shows up here first.
- Official comment. Japanese authorities have intervened in the past, and verbal warnings alone can move the rate sharply.
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Play free, no signup →Session behaviour
Unlike the euro and sterling pairs, USD/JPY has a real Tokyo session: Japanese participants are active while Europe sleeps, and the Tokyo fix produces regular flow. It then gets a second wind in New York.
Sizing it
Because the pip value moves with the rate, do not reuse a pip value you calculated last month. The calculator above pulls the live rate and recomputes it - and the pip value calculator handles the other yen crosses.
How far USD/JPY actually moves
Measured on the OANDA feed our charting desk runs on, 2026-01-11 to 2026-09-17 (180 completed daily bars). Recalculated every week.
| Average daily range | 106.1 pips |
|---|---|
| Median day | 82.5 pips |
| Widest day in the window | 578.7 pips |
| Quietest day | 26.3 pips |
| Average as % of price | 0.668% |
| Widest weekday | Thursday (125.7 pips) |
| Busiest hour | 12:00 UTC, about 25.8 pips in that hour (quietest 21:00, 8.5) |
The median is the middle day and the average is pulled up by a handful of violent ones, so size a stop against the median and expect the average to flatter you. Full table for every instrument, with the method, on average daily range by pair.
Frequently asked questions
Why is a pip 0.01 in USD/JPY?
Because the pair is quoted to two decimal places rather than four. A move from 150.00 to 150.01 is one pip.
What is a pip worth in USD/JPY?
1,000 yen per standard lot, which converts to roughly $6-7 depending on the current rate. The tool on this page uses the live rate.
What moves USD/JPY most?
The gap between US and Japanese bond yields, Bank of Japan policy, and risk sentiment - the yen tends to strengthen when markets turn defensive.
When is USD/JPY most active?
The Tokyo session and again during New York hours.
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