Yen exchange rate today
According to Lao Dong, on April 9, the Japanese Yen (JPY) continued to increase, trading near the highest level of the year against the US dollar (USD), thanks to a series of supporting factors from both domestic and international.
The latest update shows that the JPY vs USD exchange rate is currently fluctuating around $145/JPY; meaning 1 USD can be exchanged for about 145 JPY.
In the context of growing concerns about the global recession due to US tariff policies, investors have rushed to safe-haven assets such as the JPY, causing the currency to continue to strengthen.
Yen attracts investors
In recent days, the global financial market has been shaken as US President Donald Trump announced a series of new tariffs on many countries, including major partners such as Japan. This raises concerns that the US economy and possibly the whole world will fall into recession. The US S&P 500 stock index recorded its four strongest declines since the 1950s, creating a wave of sell-offs in the global stock market.
In this uncertain context, the Japanese Yen - which is considered a safe haven asset - has quickly become a favorite destination for investors. In addition, expectations that the Bank of Japan (BoJ) will continue to raise interest rates in 2025 also supported the JPY. Inflation in Japan is rising and BoJ officials have signaled they are ready to raise interest rates further if necessary.
In contrast to BoJ, the US Federal Reserve (Fed) is under pressure to cut interest rates due to negative impacts from tariffs to the US economy. According to the CME Group's Fedwatch tool, the market is predicting that the Fed will lower interest rates in the next May meeting to be more than 60%. In addition, many experts believe that the Fed can perform up to 5 interest cuts before the end of this year.
The difference in monetary policy between BoJ and Fed is narrowing the interest rate gap between the two countries, making the dollar less attractive than JPY. The USD/JPY exchange rate pair is currently trading under 145 - the lowest level since October 2024.
