Japanese Yen (JPY)
a.k.a. JPY, Yen
Japan's currency, code JPY, the third most traded currency, known as a safe haven and a classic…
In plain English
Japan's currency, code JPY, the third most traded currency, known as a safe haven and a classic carry-trade funding currency.
The Japanese yen is set by the Bank of Japan's policy, which kept rates near or below zero for decades. That made it cheap to borrow and the go-to funding currency for the carry trade.
It also tends to strengthen in a panic, as Japanese investors bring money home and carry trades unwind. Pip conventions differ: in yen pairs, a pip is the second decimal place (0.01). Japan's authorities have stepped in to support it when it fell too fast.
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