Dollar vs Yen: exchange rate, interest rates and strength
As of October 23, 2026, USD/JPY is 156.87: 1 US dollar = 156.87 yen (1 yen = 0.00637 US dollars). The dollar is up 4.4% against the yen over the past year and up 38.2% over five years. The Bank of Japan policy rate is 1.25% against 3.88% at the Federal Reserve; after inflation the real rates are -0.65% in Japan and 0.48% in the United States.
Exchange rates as of October 23, 2026; policy rates, inflation and strength as of September 2026 or later. Refreshed weekly from the BIS and FRED.
What is the yen to dollar exchange rate?
Yen vs dollar and Dollar vs yen are the same question: this page quotes the pair the way markets do (USD/JPY).
| When | yen per US dollar | Date | Change in US dollar's value |
|---|---|---|---|
| Now | 156.87 | Oct 23, 2026 | |
| 1 year ago | 150.33 | Oct 17, 2025 | +4.4% |
| 3 years ago | 149.85 | Oct 20, 2023 | +4.7% |
| 5 years ago | 113.54 | Oct 22, 2021 | +38.2% |
| 10 years ago | 103.96 | Oct 21, 2016 | +50.9% |
| Measure | High | Low | Volatility |
|---|---|---|---|
| Past year | 163.71 Jul 24, 2026 | 152.77 Feb 13, 2026 | 7.8% a year |
| Past five years | 163.71 Jul 24, 2026 | 112.88 Dec 3, 2021 | 9.6% a year |
"Volatility" is the annualised standard deviation of weekly moves: 7.8% means the rate typically swings about that much up or down over a year. Exchange rates are the Federal Reserve's daily noon-buying-rate series (the H.10 release) from FRED.
Who pays more to borrow: the Federal Reserve or the Bank of Japan?
A central bank's policy rate sets the price of short-term money in its currency; the 10-year bond yield is what governments pay to borrow for a decade.
- Dollar (Fed)
- Yen (Bank of Japan)
- Dollar
- Yen
| Central bank | Policy rate | As of | Last move |
|---|---|---|---|
| The Federal Reserve (USD) | 3.88% | October 20, 2026 | September 2026 (3.63% to 3.88%) |
| The Bank of Japan (JPY) | 1.25% | October 20, 2026 | September 2026 (1% to 1.25%) |
| Country | Yield | Month |
|---|---|---|
| The United States | 4.99% | September 2026 |
| Japan | 3.05% | September 2026 |
The Bank of Japan rate is 2.63 percentage points below the Federal Reserve's. The policy rate is the rate a central bank sets for overnight lending (the Fed: mid-point of the Federal Reserve target rate). The 10-year yield gap is 1.94 percentage points, higher in the United States.
What are real interest rates in the United States and Japan?
A rate means little without inflation.
| Country | Policy rate | Inflation, year on year | Real rate |
|---|---|---|---|
| The United States | 3.88% | 3.40% August 2026 | 0.48% |
| Japan | 1.25% | 1.90% July 2026 | -0.65% |
The real rate is the simple Fisher approximation: the policy rate minus the latest year-on-year consumer price inflation. A positive real rate means cash at the central bank's rate earns more than prices are rising; a negative one means it does not. Right now the United States has the higher real rate (0.48% against -0.65%). Inflation is the BIS's consumer price series for each economy; the latest month differs by country (August 2026 for the United States, July 2026 for Japan).
Is the yen strong, or just strong against the dollar?
A bilateral rate hides what a currency does against everything else.
- Dollar
- Yen
| Currency | Index now | Ten-year average | Versus its average | Ten-year range |
|---|---|---|---|---|
| Dollar | 107.1 | 102.2 | +4.8% | 91.7 to 114.5 |
| Yen | 66.6 | 86.9 | -23.4% | 65.2 to 108.3 |
This answers a different question from the exchange rate above. A currency can gain against one partner and fall against most others. The BIS's real effective exchange rate weighs a currency against its trading partners and adjusts for inflation differences, so a reading above 100 means it is more expensive than in 2020 and below 100 cheaper. In September 2026, the dollar was near its ten-year average and the yen was 23.4% below its ten-year average. The "stronger" and "weaker" labels use this site's own cut-off of 5% either side of the average.
Do interest rate gaps move the yen-dollar exchange rate?
The textbook says money flows to the higher rate. The last ten years of data say this about this pair:
Over the past ten years, the change in the policy-rate gap and the change in USD/JPY had a weak link (correlation 0.13, 39 three-month windows); for 10-year yields, the change in the yield gap and the change in USD/JPY had a moderate link (correlation 0.41, 39 three-month windows).
How this is measured: for each non-overlapping three-month window, the change in the gap between the two rates (Yen minus Dollar, in percentage points) against the percentage change in the price of one yen in us dollars. A correlation of 0 means no link and 1 or -1 a perfect one; under 0.2 is weak and over 0.5 strong. A link is not a cause, and a weak link over ten years says little about the next three months. This is an observation, not a forecast.
Frequently asked questions: dollar vs yen
What is the yen to dollar exchange rate today?
As of October 23, 2026, 1 US dollar = 156.87 yen, or 1 yen = 0.00637 US dollars. That is up 4.4% for the dollar over the past year, up 4.7% over three years and up 38.2% over five years against the yen.
Is the yen stronger than the dollar?
It depends what "stronger" means. Against the dollar alone, the dollar is up 4.4% over a year. Against a basket of trading partners, adjusted for inflation (the BIS real effective exchange rate), the yen is 23.4% below its ten-year average and the dollar is near its ten-year average.
Which has the higher interest rate, the Federal Reserve or the Bank of Japan?
The Bank of Japan policy rate is 1.25% and the Federal Reserve is 3.88%, so the Federal Reserve is higher by 2.63 percentage points. The 10-year government bond yields are 3.05% in Japan and 4.99% in the United States.
What are the real interest rates in the United States and Japan?
The real rate is the policy rate minus year-on-year inflation: 0.48% in the United States (3.88% less 3.40%) and -0.65% in Japan (1.25% less 1.90%).
How much has USD/JPY moved in five years?
Over the past five years USD/JPY has ranged from 112.88 to 163.71, and its volatility over the past year was 7.8% a year, against 9.6% over five years.
Why does the yen-dollar exchange rate matter for stock investors?
Companies that earn or pay in more than one currency see their reported profits move with exchange rates, and a currency's strength affects imports, exports and the value of overseas investments. Use the screener to look at the companies themselves, and dollar vs euro for money supply and cash in circulation.
Where does this data come from, and how often is it updated?
Policy rates, inflation and the real effective exchange rate come from the Bank for International Settlements (BIS) Data Portal; exchange rates and 10-year yields come from FRED (the St. Louis Fed). The page is rebuilt every week.
Where does this data come from?
- Policy rates, inflation and strength: BIS Data Portal: central bank policy rates, consumer price inflation (year on year) and the real effective exchange rate index (broad basket, 2020 = 100).
- Exchange rates and 10-year yields: FRED (St. Louis Fed): the Federal Reserve's H.10 daily exchange rates and OECD 10-year government bond yields.
- Method and limits: every figure is shown as published, with its date, and refreshed weekly (data as of October 23, 2026). There is no composite score, and nothing here predicts where a rate goes next. Read the Editorial Standards for how this site handles data.
Educational content only, not investment, currency-trading or tax advice. Exchange rates and interest rates move for reasons no single table captures.