Exchange Rate in Japan
The Japanese yen strengthened in the years prior to the COVID-19 pandemic, likely due to persistently low price pressures and a large current account surplus. However, the yen lost around a third of its value from 2020 to 2024, due to the large interest rate gap between Japan and the U.S. plus fears of Trump tariffs boosting safe-haven demand for the dollar. The exchange rate ended 2022 at JPY 132 per USD, compared to the end-2021 value of JPY 115 per USD and the figure a decade earlier of JPY 105 per USD. For more exchange rate information, visit our dedicated page.
Japan Exchange Rate Chart
Note: This chart displays Exchange Rate (vs USD) for Japan from 2024 to 2015.
Source: Macrobond.
Japan Exchange Rate Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Exchange Rate (JPY per USD, eop) | 103 | 115 | 132 | 141 | 157 |
| Exchange Rate (JPY per USD, aop) | 107 | 110 | 132 | 141 | 151 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Japanese exchange rate projections for the next ten years from a panel of 32 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable exchange rate forecast available for Japanese exchange rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Japanese exchange rate projections.
Want to get access to the full dataset of Japanese exchange rate forecasts? Send an email to info@focus-economics.com.