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USD to JPY 2025 Forecasts

Analysis of recent dollar → yen forecasts for 2025. We collate forecasts from respected FX analysts together with the latest US dollar to Japanese yen performance and trends.

 

The USD to JPY exchange rate has recently shown notable fluctuations, with the USD currently trading at 148.8 JPY, which is 2.8% above its three-month average of 144.8. This increase reflects a stable range over the past months, where the rate has fluctuated between 140.9 and 148.9 JPY. Analysts attribute the dollar's recent strength to robust US retail sales figures and continued support amid geopolitical tensions, particularly those involving trade relations and the impact of Federal Reserve policy.

The US dollar has regained traction following a period of uncertainty due to President Trump’s comments regarding Federal Reserve Chair Jerome Powell, which had initially caused volatility. The Fed's interest rate policies remain critical in determining the dollar’s strength; heightened rates typically attract more investment into USD assets, reinforcing its value. Market dynamics largely influence these policies, with factors such as inflation, employment data, and economic output playing significant roles.

On the other hand, the Japanese yen has become a safe-haven asset amid ongoing trade tensions, notably the 24% reciprocal tariff imposed by the US on Japanese goods. This pressure on the yen has led to a reassessment of future forecasts, with MUFG Research predicting a USD/JPY rate of 154.00 for Q1 2025, declining to 148.00 by Q4 2025. The Bank of Japan's ongoing ultra-low interest rates continue to shape the yen’s value, maintaining it as a popular funding currency for carry trades.

Additionally, the yen is sensitive to global oil prices, which have recently increased. The price of Brent Crude oil is currently at 69.28 USD, 2.9% above its three-month average. The volatility in the oil market, with a range of 60.14 to 78.85 USD, could further impact the yen's exchange rate. Rising oil prices often lead to increased global demand for the dollar, potentially exerting additional downward pressure on the yen as investors balance their risk exposure.

In summary, the outlook for USD/JPY remains complex, influenced by a combination of US economic data, Fed policy decisions, Japanese trade relations, and global market sentiment. Stakeholders should closely monitor these factors as they navigate currency transactions in the current environment.

USD-JPY Rate Calculator

 
   
   
   
   
 
   
 
 

USD to JPY Market Data

US dollar (USD) to Japanese yen (JPY) market data - latest interbank exchange rate, trend, chart & historic rates.

 
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1 USD =
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+0.1%
USD to JPY at 148.8 is 2.8% above its 3-month average of 144.8, having traded in a quite stable 5.7% range from 140.9 to 148.9
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Compare & Save - US dollar to Japanese yen

Exchange rates can vary significantly between different currency exchange providers, so it's important to compare US dollar (USD) to Japanese yen (JPY) rates from different sources before making a conversion.

Use our USD to JPY calculator to see how much you could save on your international money transfers. makes it easy to compare the Total Cost you are being charged on Dollar to Yen currency rates and the possible savings of using various providers.

 
 

Will the US dollar rise against the Japanese yen?

This is always a difficult question as exchange rates are influenced by many factors, so a good method to consider the US dollar vs Japanese yen current value is to look the USD/JPY historic rate and change over a range of periods.

The following table looks at the change in the USD to JPY exchange rate over periods from the previous week back to the last 10 years.

DateUSD/JPYChangePeriod
04 Jul 2025
144.47
2.9% 2 Week
19 Apr 2025
142.39
4.4% 3 Month
18 Jul 2024
157.18
5.4% 1 Year
19 Jul 2020
107.10
38.8% 5 Year
21 Jul 2015
123.97
19.9% 10 Year
23 Jul 2005
111.18
33.7% 20 Year
USD/JPY historic rates & change to 18-Jul-2025

It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.

To help with this you can add USD/JPY to your personalised Rate Tracker to track and benefit from currency movements.

 
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Rather than requiring you to set a target rate, our Rate Alerts keep you informed of recent trends and movements of currency pairs.

Add rates to your Rate Tracker and select to receive an daily email (mon-fri) or when a rate is trending

 

Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more