USD/JPY pip value calculator
What one pip on USD/JPY is worth for your lot size, in USD, GBP or EUR, with the pair's pip size, contract specification and what moves it.
USD/JPY pip size and contract specification
USD/JPY is the price of one US dollar in Japanese yen. Because the yen is quoted to two decimals, its pip is 0.01, not 0.0001.
| Specification | USD/JPY |
|---|---|
| Base currency | USD (US dollar) |
| Quote currency | JPY (Japanese yen) |
| Pip size | 0.01 (second decimal place) |
| Pipette (fractional pip) | 0.001 |
| Standard lot | 100,000 USD |
| Mini lot | 10,000 USD |
| Micro lot | 1,000 USD |
| Pip value per standard lot | 1,000 JPY |
Brokers set their own contract terms, so confirm the lot size and quote precision in your platform's symbol specification.
USD/JPY pip value by lot size
The pip value in the quote currency is fixed: pip size × units traded. One standard lot of 100,000 USD × 0.01 = 1,000 JPY per pip. Because the dollar is the base currency, a USD account converts 1,000 JPY into dollars at the current price: 1,000 ÷ 156.78 = $6.38 per standard lot at the reference price of 156.78. The value moves as the rate moves.
| Lot size | In JPY | USD | GBP | EUR |
|---|---|---|---|---|
| Micro (0.01) | 10 JPY | $0.06 | £0.05 | €0.06 |
| Mini (0.10) | 100 JPY | $0.64 | £0.48 | €0.57 |
| Standard (1.00) | 1,000 JPY | $6.38 | £4.76 | €5.69 |
Converted with this site's reference rates dated 22 October 2026. The calculator above uses the current rates when you open it.
Worked example
A buy on USD/JPY at 156.78 that closes at 157.28 has moved 50 pips. On 0.10 lots that is 50 × 100 JPY = 5,000 JPY, or about $31.89 for a USD account at the reference rate.
What moves USD/JPY
The pair reflects policy at the US Federal Reserve and the Bank of Japan. Drivers that often move it include US Treasury yields, US data and Bank of Japan policy decisions. Activity is usually highest during the Tokyo session and the New York session; see the market hours clock for the times in your zone.
USD/JPY pip value in pounds
A USD/JPY pip earns or loses yen: 1,000 JPY per standard lot. A sterling account converts those yen into pounds at the GBP/JPY rate, which is GBP/USD multiplied by USD/JPY. At the reference rates, 1.3394 × 156.78 gives a GBP/JPY rate of about 209.99, so a pip is worth 1,000 ÷ 209.99, about £4.76 per standard lot.
That is lower than the £7.47 of a dollar quoted pair such as EUR/USD, so the same pound risk buys more lots on USD/JPY. The value also moves with the rate: with GBP/USD unchanged, USD/JPY at 150.00 would put a pip at about £4.98, and at 160.00 about £4.67.
The two decimal trap
The most common error on yen pairs is reading the price as if it had four decimals. A move from 156.78 to 157.28 is 50 pips, not 5,000. If a stop or target is typed on a four decimal basis, the trade can end up 100 times too small or too large. Check the number of pips your platform shows before you send an order, and use the calculator above to confirm the money at risk.
Sizing a USD/JPY trade and allowing for gaps
Example only. The figures below are illustrative, use the reference rates dated 22 October 2026 and are not a trade or a result.
Risking £100 with a 40 pip stop: 40 × £4.76 = £190.40 per lot, so £100 ÷ £190.40 = 0.52 lots, which risks about £99 if the stop fills at its level.
USD/JPY can move a long way quickly. Japan's Ministry of Finance has stepped into the market to support the yen in the past, including in 2022 and 2024, and those moves took the pair several hundred pips within hours. In a move like that a stop can be filled well beyond its level. Our guide to USD/JPY and intervention risk covers this, along with the Bank of Japan rate decision. The USD/JPY guide and USD/JPY weekly forecast add context, and the trade history and verify page show every closed Forexuro trade.
USD/JPY on Forexuro's results record
See every closed USD/JPY signal in the trade history.
See live ideas and the closed record on the USD/JPY signals page. Results are scored with the rules on the methodology page. Past results do not guarantee future results.
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Frequently asked questions
What is the pip value of USD/JPY?
One pip on USD/JPY is 0.01, worth 1,000 JPY per standard lot, 100 JPY per mini lot and 10 JPY per micro lot. For a USD account it depends on the rate; at the reference rates dated 22 October 2026 a standard lot pip was about $6.38.
How many pips is a 1 yen move in USD/JPY?
100 pips. A pip is 0.01, so a move of 1.00 is 100 pips.
What is a pipette on USD/JPY?
A pipette is a tenth of a pip, 0.001 on USD/JPY. Most platforms show it as the third decimal place.
When is USD/JPY most active?
Usually during the Tokyo session and the New York session. Movement also tends to pick up around news on US Treasury yields, US data and Bank of Japan policy decisions.
What is a USD/JPY pip worth in pounds?
A pip is 1,000 JPY per standard lot. On a GBP account it is converted at GBP/JPY, so at the reference rates dated 22 October 2026 (GBP/USD 1.3394 and USD/JPY 156.78) it was about £4.76 per standard lot, £0.48 per mini lot and £0.05 per micro lot.
Why can a USD/JPY stop be filled further away than planned?
Sharp moves, such as past yen intervention by Japan's Ministry of Finance or surprises at a Bank of Japan decision, can carry the price past a stop before it can be filled. The order then closes at the next available price, so the loss in pips can be larger than the stop distance.
Calculators are for education and planning. They do not account for your broker's spread, commission, swap or contract terms. Trading forex and CFDs carries a high risk of losing money. Read our risk disclosure.