What moves the Japanese yen
The Japanese yen is set against the rest by one bank, the Bank of Japan (BoJ), and by the things that bank has to react to. Here is the rate it has set, what it is aiming at, the releases that move this currency and what is on the calendar this week.
By Mike, founder of MacroSetup. Page updated . Rate and calendar as the research last recorded them, 6 November 2026, 21:12 Amsterdam time.
In short
- Central bank
- Bank of Japan (BoJ)
- Policy rate
- 1.25%
- What the bank targets
- Price stability: inflation at 2%
The three things that move it
- 1The interest rate gap with the rest of the world. Japan has had one of the lowest rates of the eight for years, which makes the yen a funding currency of choice.
- 2Risk appetite. When markets get nervous, Japanese money comes home and the yen rises on the flow rather than on any Japanese news.
- 3The Ministry of Finance. Japan has intervened in the currency before and says so openly when it is uncomfortable.
A safe haven that tends to gain when markets turn cautious, and a common funding currency in calm ones.
On the calendar this week
Nothing of the highest impact for the JPY this week. On weeks like that the currency drifts on the rate gap and the risk mood instead.
Times in Amsterdam. The whole week for all eight is on the calendar page.
Every release that moves the Japanese yen
What each one is, when it comes out, which line the market reads first, and what the JPY did on the last release days.
- BoJ rate decisionHigh impactWhen the Bank of Japan decides, why its statement has no fixed time, what the Governor adds at 3:30 Tokyo time, and why a split vote can move the yen.
- Japan CPIHigh impactWhat Japan CPI measures, why the market reads the index without fresh food first, how it ties to the Bank of Japan's 2% target and when it comes out in Europe.
- Tokyo CPIHigh impactWhy Tokyo CPI comes out three weeks before the national figure, which line the market reads first, and how it shapes what traders expect from the Bank of Japan.
- Yen interventionHigh impactHow Japan's Ministry of Finance decides to buy or sell yen, how the Bank of Japan carries it out, how the market finds out and why the warnings matter.
- Tankan surveyWhat the Bank of Japan's Tankan survey asks Japanese firms, why the large manufacturers line comes first, and what the firms' own yen and price views add to it.
- Japan GDPWhen the Cabinet Office publishes Japan GDP, why the annualised rate looks so large, how much the second estimate can change, and what the yen takes from it.
- Japan wage growthWhat Japan wage growth figures from the Monthly Labour Survey show, why bonus months distort them, and why the Bank of Japan reads them before it raises rates.
- Japan machinery ordersWhat Japan machinery orders measure, why the market leaves out ships and power utilities, and why this jumpy series is read as a lead on business spending.
- Japan industrial productionWhat Japan industrial production measures, why the makers' own plans for the next two months can matter as much as the month, and when it comes out in Europe.
- Yen interventionEvery time Japan stepped into the market since 2010, with the amounts, what it did to USD/JPY and the warnings first.
Sources
The rate, the target and the meeting dates come from the Bank of Japan (BoJ) itself: Bank of Japan. The rate is the one the research last recorded from the bank.
The releases above are published by Statistics Bureau of Japan; Ministry of Finance Japan; Cabinet Office, Economic and Social Research Institute; Ministry of Health, Labour and Welfare; Ministry of Economy, Trade and Industry. Each release page names its own sources.
The other seven
A currency is only strong or weak against another one, so the page next door matters as much as this one.
- USD US dollar
- EUR Euro
- GBP British pound
- CHF Swiss franc
- AUD Australian dollar
- NZD New Zealand dollar
- CAD Canadian dollar
What the rate gap between two of them pays is on the rate differentials page, and how a pair is scored from two currencies is on the fundamental bias page.
Questions about the Japanese yen
What moves the Japanese yen?
What the Bank of Japan (BoJ) does and is expected to do, the releases that bank steers by, the mood of the wider market, and anything political big enough to be priced. A currency only moves against another one, so the same questions apply to the other side of the pair.
Which central bank sets the JPY rate, and what is it aiming at?
The Bank of Japan (BoJ). Its goal is price stability, which it defines as inflation at 2%. A release matters most when it speaks to that goal.
Where can I see the current JPY policy rate?
1.25%, as the research last recorded it. You will find it in the "In short" table of this page, next to the date of the next scheduled meeting, and beside the other seven rates on our rate differentials page. Both follow the research, so a decision shows up on the day it is made. All eight rates
Do you publish a JPY forecast?
No. We publish a reading of now: how the currency scores against the other seven today and why, rewritten when the news changes. Nobody here will tell you where a currency will be next month. How past calls turned out