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JPY (Japanese yen)

By Jarosław Wasiński • Published: • Updated:
The ISO currency code for the Japanese yen. JPY pairs commonly use 0.01 as one pip, while a platform may display smaller fractional-pip increments. For 100,000 units of the base currency, a 0.01 move is 1,000 JPY before costs; its value in another account currency depends on the conversion rate.
Example. Illustrative USD account: 100,000 USD × 0.01 JPY/USD = 1,000 JPY per pip. Converted at USD/JPY 150.00, that is about $6.67; at 160.00 it is $6.25. A USD pip value is therefore not a permanent constant.

Pip, point and account currency

A quote to three decimal places can display fractional pips. Check tick size, lot size and conversion rules in the contract specification. A one-pip move in a JPY pair is not generally worth $10 per standard lot in a USD account.

Carry is not a daily policy-rate payout

Retail financing comes from the provider’s long and short swap terms, not by directly converting a central-bank rate difference into a guaranteed daily credit. Exchange-rate losses, changing rates and financing charges can outweigh carry.

Market-share context

JPY was one side of about 16.8% of OTC FX turnover in the April 2025 BIS survey. Currency shares count both legs and total 200%; this is not the yen’s share of retail accounts.

FAQ

Is a JPY-pair pip always worth USD 10 per lot?

No. Calculate in JPY first and convert; USD/JPY 150 gives about USD 6.67 for 100,000 base units.

Does the yen’s safe-haven label guarantee appreciation in stress?

No. The exchange rate depends on the episode and competing influences; the label is not an unconditional trading signal.

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Jarosław Wasiński

Editor-in-chief, ForexMechanics.com • Macro & FX analyst

Independent analyst and practitioner with over 20 years of experience in financial markets. Actively involved in Forex since 2007, with a focus on fundamental analysis, OTC market structure, and disciplined capital risk management.

  • Creator and editor-in-chief of MyBank.pl, providing reliable financial education since 2004.
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