Euro vs Yen: exchange rate, interest rates and strength
As of October 23, 2026, EUR/JPY is 175.68: 1 euro = 175.68 yen (1 yen = 0.00569 euros). The euro is little changed against the yen over the past year and up 33.0% over five years. The Bank of Japan policy rate is 1.25% against 2.50% at the European Central Bank; after inflation the real rates are -0.65% in Japan and -0.75% in the euro area.
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 euro exchange rate?
Yen vs euro and Euro vs yen are the same question: this page quotes the pair the way markets do (EUR/JPY).
| When | yen per euro | Date | Change in euro's value |
|---|---|---|---|
| Now | 175.68 | Oct 23, 2026 | |
| 1 year ago | 175.50 | Oct 17, 2025 | +0.1% |
| 3 years ago | 158.72 | Oct 20, 2023 | +10.7% |
| 5 years ago | 132.07 | Oct 22, 2021 | +33.0% |
| 10 years ago | 112.96 | Oct 21, 2016 | +55.5% |
| Measure | High | Low | Volatility |
|---|---|---|---|
| Past year | 186.73 Apr 24, 2026 | 175.68 Oct 23, 2026 | 6.3% a year |
| Past five years | 186.73 Apr 24, 2026 | 125.11 Mar 4, 2022 | 8.8% a year |
"Volatility" is the annualised standard deviation of weekly moves: 6.3% 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; the EUR/JPY cross is calculated from each currency's dollar rate.
Who pays more to borrow: the European Central Bank 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.
- Euro (ECB)
- Yen (Bank of Japan)
- Euro
- Yen
| Central bank | Policy rate | As of | Last move |
|---|---|---|---|
| The European Central Bank (EUR) | 2.50% | October 20, 2026 | September 2026 (2.25% to 2.50%) |
| The Bank of Japan (JPY) | 1.25% | October 20, 2026 | September 2026 (1% to 1.25%) |
| Country | Yield | Month |
|---|---|---|
| The euro area | 3.47% | September 2026 |
| Japan | 3.05% | September 2026 |
The Bank of Japan rate is 1.25 percentage points below the European Central Bank's. The policy rate is the rate a central bank sets for overnight lending (the ECB: official central bank steering rate is the deposit facility rate, fixed rate). The 10-year yield gap is 0.42 percentage points, higher in the euro area. The euro area's figure is Germany's 10-year Bund, the benchmark bond, because there is no single euro-area bond.
What are real interest rates in the euro area and Japan?
A rate means little without inflation.
| Country | Policy rate | Inflation, year on year | Real rate |
|---|---|---|---|
| The euro area | 2.50% | 3.25% August 2026 | -0.75% |
| 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 Japan has the higher real rate (-0.65% against -0.75%). Inflation is the BIS's consumer price series for each economy; the latest month differs by country (August 2026 for the euro area, July 2026 for Japan).
Is the yen strong, or just strong against the euro?
A bilateral rate hides what a currency does against everything else.
- Euro
- Yen
| Currency | Index now | Ten-year average | Versus its average | Ten-year range |
|---|---|---|---|---|
| Euro | 103.3 | 100.0 | +3.3% | 94.5 to 104.6 |
| 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 euro 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-euro 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 EUR/JPY had a weak link (correlation 0.11, 39 three-month windows); for 10-year yields, the change in the yield gap and the change in EUR/JPY had a moderate link (correlation 0.20, 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 Euro, in percentage points) against the percentage change in the price of one yen in euros. 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: euro vs yen
What is the yen to euro exchange rate today?
As of October 23, 2026, 1 euro = 175.68 yen, or 1 yen = 0.00569 euros. That is little changed for the euro over the past year, up 10.7% over three years and up 33.0% over five years against the yen.
Is the yen stronger than the euro?
It depends what "stronger" means. Against the euro alone, the euro is little changed 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 euro is near its ten-year average.
Which has the higher interest rate, the European Central Bank or the Bank of Japan?
The Bank of Japan policy rate is 1.25% and the European Central Bank is 2.50%, so the European Central Bank is higher by 1.25 percentage points. The 10-year government bond yields are 3.05% in Japan and 3.47% in the euro area.
What are the real interest rates in the euro area and Japan?
The real rate is the policy rate minus year-on-year inflation: -0.75% in the euro area (2.50% less 3.25%) and -0.65% in Japan (1.25% less 1.90%).
How much has EUR/JPY moved in five years?
Over the past five years EUR/JPY has ranged from 125.11 to 186.73, and its volatility over the past year was 6.3% a year, against 8.8% over five years.
Why does the yen-euro 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.