Trade USD/JPY, Asia's most traded pair
USD/JPY prices how many Japanese yen one US dollar buys. It is the second most traded currency pair in the world and the benchmark for Asian trading hours, with price action closely tied to US Treasury yields and Bank of Japan policy.
- 24/5 trading
- Buy or sell
- Regulated by FSC Mauritius
USD/JPY
Spreads from, pips · Premium
1.0
About USD/JPY
US dollar vs Japanese yen
For years the Bank of Japan kept interest rates at or below zero while US rates rose, which made the yen a popular funding currency for carry trades and pushed USD/JPY higher. In March 2024 the BoJ ended its negative interest-rate policy, and the pace of any further Japanese rate rises is now a key theme for the pair.
The yen is also a traditional safe haven: in sharp risk-off episodes it can rally quickly as carry trades unwind. And when the yen weakens fast, Japan's Ministry of Finance has stepped into the market to support it, as it did in 2022 and 2024, which can produce sudden moves of several hundred pips.
- MT5 symbol
- USDJPY
- Known as
- Gopher
- Pip size
- 0.01
- Trading hours
- 24/5
- Central banks
- US Federal Reserve and Bank of Japan
- Pip value (1 lot)
- ¥1,000 per standard lot (about $6.67 at 150.00)
- Character
- Sensitive to yields and risk mood
What moves it
4 forces that drive USD/JPY
US Treasury yields
USD/JPY often tracks the 10-year US yield: higher US yields widen the gap with Japan and tend to lift the pair.
Bank of Japan policy
Rate decisions, bond-buying and guidance from the BoJ's eight policy meetings a year can reprice the yen in minutes.
Intervention risk
Japan's Ministry of Finance can buy yen to slow a rapid decline. Watch for verbal warnings before it acts.
Safe-haven flows
In market stress the yen tends to strengthen as investors cut risk and close yen-funded positions.
When to trade
Best hours and key releases for USD/JPY
Most active: The Tokyo session, 00:00–09:00 GMT, and the New York session when US data is out.
| Session | GMT | UAE time |
|---|---|---|
| Sydney | 21:00–06:00 | 01:00–10:00 |
| TokyoActive | 00:00–09:00 | 04:00–13:00 |
| London | 07:00–16:00 | 11:00–20:00 |
| New YorkActive | 12:00–21:00 | 16:00–01:00 |
Releases that move USD/JPY
- BoJ policy decisionEight times a year, usually during Asian hours.
- US non-farm payrollsUsually the first Friday of the month.
- US CPI and FOMCCPI monthly; FOMC eight times a year.
- Tokyo CPIMonthly; an early read on Japanese inflation.
- Tankan surveyQuarterly BoJ business survey.
Spreads can widen and prices can gap around these releases. Check an economic calendar for exact dates and times.
Pricing
USD/JPY spreads by account
Choose the account that fits your trading. The live USD/JPY spread is always shown in MT5 before you place an order.
Classic
Spread-only, no commission
Spreads from
1.6 pips
- Commission
- None
- Min. deposit
- $100
Premium
Lower spreads, no commission
Spreads from
1.0 pips
- Commission
- None
- Min. deposit
- $3,000
VIP
Raw spreads plus commission
Spreads from
0.0 pips
- Commission
- $6 per 1.00 lot round turn, proportional to lot size
- Min. deposit
- $25,000
* Indicative typical spreads, may vary; last updated 28 September 2026. Spreads are variable and may widen during news releases and low-liquidity sessions. Commissions may apply depending on account type.
Leverage magnifies both gains and losses. Maximum leverage depends on the instrument, account type and your jurisdiction.
Get started
How to trade USD/JPY on MT5
- 1
Open an account
Register online, verify your identity and choose Classic, Premium or VIP. - 2
Fund your account
Deposit with one of the available methods in the client portal. - 3
Find USDJPY in MT5
Log in to MetaTrader 5, open Market Watch and add USDJPY to see the live price and spread. - 4
Plan and place the trade
Set your position size and stop-loss, then choose Buy if you expect the pair to rise or Sell if you expect it to fall.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Forex prices, including USD/JPY, can move quickly against you, especially around news releases.
FAQ
Frequently asked questions
What is the spread on USD/JPY at IST Markets?
Spreads on IST Markets accounts start from 1.6 pips on Classic, 1.0 pips on Premium and 0.0 pips plus commission on VIP. The spread on USD/JPY is variable and depends on market conditions; the live spread is always shown in MT5 before you trade.
What is the pip value of USD/JPY?
One pip on USD/JPY is a price move of 0.01. On one standard lot it is worth ¥1,000 per standard lot (about $6.67 at 150.00); a mini lot (0.10) is worth a tenth of that and a micro lot (0.01) a hundredth. Use the free pip calculator to work it out for your trade size.
What is the best time to trade USD/JPY?
The pair trades 24 hours a day, Monday to Friday. It is usually most active during The Tokyo session, 00:00–09:00 GMT, and the New York session when US data is out. Liquidity tends to be thinnest around the daily rollover and late on Fridays, when spreads can widen.
Why does USD/JPY have a pip of 0.01?
Pairs quoted in yen are priced with two decimal places (three on MT5 with fractional pricing), because one yen is worth far less than one dollar or euro. So a move from 150.00 to 150.01 is one pip.
Can Japanese intervention affect my USD/JPY trades?
Yes. Intervention can move the pair by several hundred pips in a short time, and spreads can widen. Use stop-loss orders and size positions so that a sudden move stays within your risk limits.
Ready to trade USD/JPY on MT5?
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