Currency · JPY · ¥

Exchange rate
of the Japanese yen (JPY)

The Japanese yen is the official currency of Japan and one of the most traded currencies in the world, renowned for its safe-haven status. Convert it at the real interbank rate, in real time, with a transparent margin from 0.40%.

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JPYISO code · ¥
BoJCentral bank
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The Japanese yen in brief

The essentials about the Japanese yen (JPY)

The key facts about the major Asian currency, and how to convert it at the right rate.

ISO code JPY, symbol ¥

The official currency of Japan, one of the world's largest economies and a pillar of Asian trade.

Managed by the Bank of Japan (BoJ)

A long ultra-accommodative policy (zero or negative rates), engaged in normalisation since 2024.

Safe haven & carry trade

Sought after during market tensions, the yen also serves as a funding currency for the "carry trade".

Exchange from 0.40% at ibani

A sliding, transparent margin applied to the real rate, with no hidden fees.

Our experts' analysis

The yen, a safe haven
and a compass for Asia.

The Japanese yen (JPY) is among the very top traded currencies in the world and is a major reserve currency. It holds a special place in the markets : in times of tension, investors often turn to it, which earns it its safe-haven status.

Its dynamics depend heavily on the interest rate gap with the other major economies. Long held at rock bottom, Japanese rates made the yen the preferred funding currency of the carry trade. The recent normalisation by the Bank of Japan is reshuffling the cards and makes pairs like JPY/CHF particularly sensitive to central bank decisions.

JPY facts
ISO codeJPY · ¥
Central bankBank of Japan (BoJ)
Area of useJapan
World ranking3rd most traded currency
Monetary policy

The Bank of Japan's policy on the yen

The Bank of Japan (BoJ) is responsible for the archipelago's monetary policy. Faced for decades with weak inflation, or even deflation, it has pursued one of the most accommodative policies in the world in order to support activity and bring inflation durably back towards its 2% target.

To achieve this, the BoJ has deployed often unprecedented instruments :

Zero and negative rates

A pioneer of the zero interest rate policy as early as 1999, the BoJ even adopted negative rates in 2016 to stimulate credit and fight deflation.

Yield curve control (YCC)

Introduced in 2016, this mechanism aimed to keep the yield on 10-year government bonds around 0% by buying public debt on a massive scale.

With the return of inflation and rising wages, the BoJ began in 2024 a historic normalisation : the end of negative rates and yield curve control. The pace and scale of this tightening weigh directly on the value of the yen, notably via the rate gap with the other major currencies.

History of the yen

Key dates in the yen's policy

1999

Zero interest rate policy

Faced with stagnation and the risk of deflation, the Bank of Japan becomes the first major central bank to bring its key rates down to zero.

2001

First quantitative easing

The BoJ pioneers quantitative easing (QE) by flooding the banking system with liquidity, an approach later adopted by other central banks.

2013

Massive "Abenomics" easing

Under the leadership of governor Haruhiko Kuroda, the BoJ launches a large-scale asset purchase programme to escape deflation, weakening the yen.

2016

Negative rates and yield curve control (YCC)

The BoJ adopts a negative key rate then introduces yield curve control, anchoring the 10-year bond yield around 0%.

2022

Yen slump and interventions

Keeping rates low while other central banks raise theirs sends the yen tumbling ; Japan intervenes in the foreign exchange market to support it.

2024

End of negative rates and YCC

The BoJ carries out its first rate hike since 2007, ending negative rates and yield curve control, and begins a gradual normalisation.

Today's rates

Our rates for the Japanese yen (JPY)

Indicative value for 1 unit, ibani margin included. Click a pair for its details and history.

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Frequently asked questions

Frequently asked questions about the Japanese yen (JPY)

Always compare the rate offered with the real interbank rate (mid-market). A specialised online exchange service like ibani starts from this real rate and only adds a transparent margin from 0.40%, with no hidden fees, whereas a bank often applies a much wider spread. Compare with our rate comparator.

The Japanese yen is managed by the Bank of Japan (BoJ), which conducts the archipelago's monetary policy. Long ultra-accommodative, with zero or negative rates and yield curve control (YCC), its policy has since 2024 embarked on a gradual normalisation, which directly influences the value of the yen against other currencies.

In times of market uncertainty, investors tend to fall back on the yen, which tends to appreciate it : this is its safe-haven status. Because of its historically very low interest rates, the yen also serves as a funding currency for carry trade operations, which can on the contrary weaken it when risk appetite is high.

You can convert the Japanese yen (JPY) to the Swiss franc (CHF) and the euro (EUR) at the real interbank rate, with a transparent margin from 0.40%. The yen is also available the other way round, from the Swiss franc and the euro, for your payments and transfers linked to Japan.

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