USD/JPY since 1999: yearly changes, best months and the biggest falls
28 years of daily prices in numbers: the average year, the best and worst months, every big fall and how long the recovery took. Prices to 15 October 2026.
The US dollar against the Japanese yen. A rising rate means a stronger dollar and a weaker yen.
On 15 October 2026, USD/JPY stood 3.6% below its highest close since 1999, on 28 July 2026. Over the past twelve months its highest close was 9% above its lowest.
How far USD/JPY stood below its highest close, week by week since 1999
USD/JPY average change over the last 5, 10 and 20 years
Over the last 10 years USD/JPY rose 4.2% a year on average, +51% in total. The table shows the average yearly change for each span up to 15 October 2026.
| Period | From | A year on average | In total |
|---|---|---|---|
| Last 1 year | 15 Oct 2025 | +4.2% | +4% |
| Last 3 years | 13 Oct 2023 | +1.8% | +6% |
| Last 5 years | 15 Oct 2021 | +6.7% | +38% |
| Last 10 years | 14 Oct 2016 | +4.2% | +51% |
| Last 20 years | 13 Oct 2006 | +1.4% | +32% |
The average year
From 2000 to 2025, USD/JPY rose in 13 of 26 calendar years. The average year gained +2.1% and the median year +0.2%. The best year was 2013 (+21.9%), the worst 2008 (−19.1%). This year to 15 October: +0.8%.
* Year to date.
Best and worst months
October has been the strongest month on average (+0.7%, higher in 18 of 27 years) and August the weakest (−0.9%, higher in 10 of 28). The gaps between months are small next to the swings inside any single month, so read them as tendencies, not rules.
Average change of USD/JPY by calendar month, 1999–2025
The biggest falls, and how long the way back took
The deepest fall since 1999 took USD/JPY 43.8% below its high of 27 February 2002. It hit bottom on 28 October 2011 after 9.7 years, and it took another 10.6 years to close above the old high again, on 20 June 2022.
| High | Low | Fall | Fall took | Back at the high | Recovery took |
|---|---|---|---|---|---|
| 27 Feb 2002 | 28 Oct 2011 | −43.8% | 9.7 years | 20 Jun 2022 | 10.6 years |
| 19 May 1999 | 23 Dec 1999 | −18.4% | 7 months | 30 Mar 2001 | 15 months |
| 21 Oct 2022 | 3 Feb 2023 | −15.3% | 3 months | 13 Nov 2023 | 9 months |
| 3 Jul 2024 | 16 Sep 2024 | −13.6% | 2 months | 30 Jun 2026 | 21 months |
| 2 Apr 2001 | 21 Sep 2001 | −7.8% | 6 months | 10 Dec 2001 | 3 months |
How much it moves in a day
On a typical day USD/JPY closes about 0.3% higher or lower. A move of more than 2% happened on 1% of trading days, and a move of more than 5% 0 times in 7,114 days. The largest rise was +3.3% on 4 August 2011; the largest fall −4.5% on 5 August 2024.
| Day | Average change | Days higher | Days counted |
|---|---|---|---|
| Monday | +0.01% | 50% | 1,405 |
| Tuesday | +0.01% | 53% | 1,434 |
| Wednesday | +0.01% | 53% | 1,434 |
| Thursday | −0.01% | 50% | 1,434 |
| Friday | +0.02% | 52% | 1,407 |
Differences between weekdays are small and change from decade to decade. They are not a reason to trade on a given day.
Questions people ask
What is the best month for USD/JPY?
No month is reliable. Since 1999, October has been the strongest on average (+0.7%, higher in 18 of 27 years) and August the weakest.
How much has USD/JPY gained since 1999?
From 4 January 1999 to 15 October 2026: +39% in total, or +1.2% a year.
What was the biggest fall in USD/JPY?
−43.8% from 27 February 2002 to 28 October 2011; it was back at its high on 20 June 2022.
How much does USD/JPY move in a day?
About 0.3% on a typical day. Days with a move of more than 2% made up 1% of all trading days since 1999.
How many pips does USD/JPY move in a day?
From one ECB reference rate to the next, the median change was 34 pips over the past twelve months and 36 pips since 1999. A pip here is 0.01. The distance between a day's high and low is larger.
About these numbers
Source: the European Central Bank's daily reference rates, one rate each working day, set in the early afternoon in Frankfurt; the US dollar pairs are computed from the euro rates. Daily reference rates from 4 January 1999 to 15 October 2026. Before use, the series was checked for gaps and for jumps that are data errors rather than market moves. Reference rates are set once a day, so a fast day in the market can look different from the close of a trading platform.
This page describes past prices. It is not advice to buy or sell anything.