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Major

USD/JPY — “Gopher”

USD/JPY prices the U.S. dollar in Japanese yen. Because Japanese interest rates stayed near zero for decades, the pair has been central to the 'carry trade' — and to sudden reversals when that trade unwinds.

Reference rate

157.469

Bank of Canada-derived · 2026-09-29

Pip value (10,000 units)

C$0.90

Pip size 0.01

Most active (ET)

7 p.m.–3 a.m. ET (Tokyo) and 8 a.m.–noon ET (New York).

USD/JPY — last 120 Bank of Canada observations

2026-09-29 → 2026-04-09 · +0.88%

Latest
158.862
High
163.872
Low
153.482

What moves USD/JPY

  • The interest-rate gap between the U.S. and Japan
  • Bank of Japan policy shifts
  • Japanese Ministry of Finance intervention risk
  • U.S. Treasury yields

The Canadian angle

JPY pairs are quoted to two decimals, so a pip is 0.01 — not 0.0001. Our calculators adjust automatically.

Related: what moves the loonie · pip calculator · market hours

Registered brokers to trade USD/JPY

  1. #1

    Interactive Brokers Canada

    CIRO-registered

    Best for: Experienced, cost-sensitive traders who want forex, futures, options and global stocks in one account

    Platforms
    TradingView
    FX pairs
    100+
    Min. deposit
    $0
    CIPF
    Yes
    9.5/ 10
    Visit siteFull review
  2. #2

    Questrade

    CIRO-registered

    Best for: Canadians who want TFSA/RRSP investing and forex/CFD trading with one Canadian firm

    Platforms
    Proprietary
    FX pairs
    100+
    Min. deposit
    $0
    CIPF
    Yes
    9.4/ 10
    Visit siteFull review
  3. #3

    CMC Markets Canada

    CIRO-registered

    Best for: Traders who want the widest CFD and currency-pair range from a Canadian dealer

    Platforms
    MT4, TradingView
    FX pairs
    150+
    Min. deposit
    $0
    CIPF
    Yes

    ⚠ Alberta residents generally must qualify as accredited investors to trade CFDs.

    8.9/ 10
    Visit siteFull review

Questions

What is one pip worth on USD/JPY in Canadian dollars?

A pip on USD/JPY is 0.01. On 10,000 units that's 100 JPY, or about C$0.90 at the latest Bank of Canada rate.

When is USD/JPY most active?

7 p.m.–3 a.m. ET (Tokyo) and 8 a.m.–noon ET (New York).

Where can Canadians trade USD/JPY?

Through CIRO-registered dealers that offer forex, such as Interactive Brokers Canada, Questrade, CMC Markets Canada. Leverage on this pair is capped by CIRO margin rates.

Rates are Bank of Canada daily averages (cross rates derived via CAD) for information only — not trading prices or advice. Source: Bank of Canada.