USD/JPY Pip Value

USD/JPY is where standard pip math changes: because the yen is worth so little per unit, JPY-quoted pairs use a pip size of 0.01 instead of 0.0001. A standard lot is therefore ¥1,000 per pip — and converting that into dollars requires dividing by the current USD/JPY rate. At a rate of 150, one pip on a standard lot is about $6.67; at 100, it would be $10. Unlike EUR/USD, the pip value of this pair moves with its own price.

That rate-dependent pip value is the single most common sizing mistake on yen pairs, and it is exactly what the calculator below handles. As for the pair itself: USD/JPY is the classic interest-rate-differential trade, tracking the gap between US Treasury and Japanese government bond yields. It is also the market most watched for intervention by Japan's Ministry of Finance, which has historically stepped in after rapid yen depreciation — moves measured in hundreds of pips within minutes.