--- title: "Exchange rate of the Japanese yen (JPY)" url: https://www.ibani.com/en/currency-converter/currencies/jpy-japanese-yen lang: en date_modified: 2026-10-07 --- 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% to 0.15%. [Open my free account](https://www.ibani.com/en/app) See JPY rates **JPY**ISO code · ¥ **BoJ**Central bank **0.15%**Margin from ### Simulate your transfer No hidden fees — Live rate — Estimated annual saving — vs. a traditional bank Per monthly transfer · [Live rates](https://www.ibani.com/en/currency-converter) · [Pricing](https://www.ibani.com/en/rates) [Get started — It's free](https://www.ibani.com/en/app) [![App Store](https://www.ibani.com/images/appstore-badge-en.svg)](https://apps.apple.com/app/ibani-borderless-money/id1382598762)[![Google Play](https://www.ibani.com/images/google-play-badge-en.svg)](https://play.google.com/store/apps/details?id=com.ibani.mobile&hl=en) \* 100% digital sign-up in 5 minutes. Zero account opening or maintenance fees. **35'000+ clients**Individuals & businesses **CHF 1 Billion+**Exchanged since 2018 **Up to 10× cheaper**Than a traditional bank **4.7/5 · Excellent**On 2'000+ client reviews [![SO-FIT logo](https://www.ibani.com/images/sofit-light.svg) Affiliated with SO-FIT (SRO)\*](https://so-fit.ch/) 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 0.15% 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 code**JPY · ¥** Central bank**Bank of Japan (BoJ)** Area of use**Japan** World ranking**3rd 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. Reference rate as of 7 October 2026; the rate applied is the one at the time of the order. | | [CHF](https://www.ibani.com/en/currency-converter/currencies/chf-swiss-franc) | [EUR](https://www.ibani.com/en/currency-converter/currencies/eur-euro) | | --- | --- | --- | | To JPY 1 | [189.1783CHF to JPY rate](https://www.ibani.com/en/currency-converter/chf-to-jpy-rate) | [176.2910EUR to JPY rate](https://www.ibani.com/en/currency-converter/eur-to-jpy-rate) | To the Japanese yen (JPY) [CHF JPY](https://www.ibani.com/en/currency-converter/chf-to-jpy-rate) [EUR JPY](https://www.ibani.com/en/currency-converter/eur-to-jpy-rate) [See all our currencies →](https://www.ibani.com/en/currency-converter/currencies) News ## Latest analyses on currency exchange and currencies ### EUR/CHF Forecast October 2026: Euro Climbs Back to 0.9311 After Its Fall of 2 October As of October 5, 2026, EUR/CHF climbs back to 0.9311 (+0.3%) at the ECB reference rate, after losing 1.7% on 2 October. The yield spread between French and German government bonds, which rose above 150 points on 2 October, narrows to 141 points according to Reuters. [Read article](https://www.ibani.com/en/guides/chf-eur-exchange-rate-forecast) ### GBP/CHF Forecast: The Pound Falls Back Against the Franc After Its 2026 High (October 2026) As of 2 October 2026, the pound sterling is worth 1.0912 francs, down 1.3% on the session, two days after its high for the year at 1.1090. The Bank of England is holding its rate at 3.75%, but three of its nine members voted for a hike. [Read article](https://www.ibani.com/en/guides/chf-gbp-exchange-rate-forecast) ### USD/CHF Forecast (October 2026): The Dollar Falls Back to 0.8266 Franc As of October 2, 2026, the dollar is worth 0.8266 franc, down 1.0% from the previous day's reference rate, which marked its highest since May 2025. The US September jobs report, released afterwards, shows only 29,000 jobs created. [Read article](https://www.ibani.com/en/guides/chf-usd-exchange-rate-forecast) 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% to 0.15%, with no hidden fees, whereas a bank often applies a much wider spread. Compare with our [rate comparator](https://www.ibani.com/en/compare-exchange-rates). 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% to 0.15%. The yen is also available the other way round, from the Swiss franc and the euro, for your payments and transfers linked to Japan. ## Exchange your yen at the right market rate. Get a personal Swiss IBAN, convert the Japanese yen at the real rate (+ margin from 0.15%) and transfer with no hidden fees. Opening an account is free, 100% digital and takes just 5 minutes. [OPEN A FREE ACCOUNT](https://www.ibani.com/en/app) [Back to the converter](https://www.ibani.com/en/currency-converter) ✓ Real interbank rate  ·  ✓ Margin from 0.15%  ·  ✓ Affiliated with SO-FIT (SRO) [![SO-FIT logo](https://www.ibani.com/images/sofit-light.svg)](https://so-fit.ch/) ## Swiss financial intermediary subject to the AMLA regulatory framework Your money is handled with the utmost regulatory rigour. ibani SA is a FinTech company established since 2018 in the heart of Geneva, Switzerland. We are a financial intermediary audited for our activity, with thousands of clients and currency exchange operations to our name. ibani SA is affiliated with [SO-FIT](https://so-fit.ch/) as a financial intermediary within the meaning of Article 2 para. 3 of the Anti-Money Laundering Act (AMLA). SO-FIT is a self-regulatory organisation recognised by the Swiss Financial Market Supervisory Authority ([FINMA](https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/)).