What drives the Japanese yen?
What drives the Japanese yen? A classic safe-haven currency caught between ultra-low rates and intervention threats. Each row traces a chain of real events that pushed the yen higher or lower, month by month.
✉️ Track chains of events as they happen. Free.
MAR 1 – MAR 31, 2026
🇺🇸 military attack
→🌍 oil price rise
blockade
→oil production decline
→🌍 oil price rise
🕌 oil supply disruption
→oil production decline
→🌍 oil price rise
🕌 geopolitical conflict
🇮🇷 war de-escalation
→🌍 oil price decline
🕌 military attack
→🇸🇦 oil production decline
→🌍 oil price rise
🇮🇷 war escalation
→🌍 fuel supply disruption
→🌍 oil price rise
🕌 military tension decline
🌍 inflation concern decline
🕌 conflict escalation
→🌍 energy price rise
→🇺🇸 inflation rise
→🇺🇸 rate cut expectation decline
🕌 war escalation
→🌍 energy price rise
🕌 energy cost rise
🇮🇷 conflict escalation
🇯🇵 monetary policy uncertainty
✉️ Track chains of events as they happen. Free.
FEB 1 – FEB 28, 2026
🇯🇵 government nomination
🇯🇵 interest rate rise expectation
🇯🇵 interest rate rise concern
🇺🇸 tariff rise
🇺🇸 job market strength
→🇺🇸 interest rate rise expectation
🇯🇵 interest rate speculation
🇯🇵 election result
→🇯🇵 fiscal expansion
🇯🇵 political uncertainty decline
🇯🇵 verbal intervention
🇯🇵 rate hike expectation rise
🇯🇵 policy optimism
🇯🇵 election result
🇯🇵 public spending rise
🇯🇵 tax cut expectations
🇯🇵 fiscal expansion
🇯🇵 election anticipation
🇯🇵 fiscal stimulus anticipation
🇺🇸 hawkish fed chief nomination
🇺🇸 economic data improvement
🇯🇵 fiscal policy expectation
🇯🇵 political remarks
🇺🇸 political appointment
🇯🇵 overseas interest rate rise
JAN 1 – JAN 31, 2026
🇺🇸 rate check speculation
🇺🇸 strong dollar policy reaffirmation
🇯🇵 currency policy coordination
🇺🇸 currency policy coordination
🇺🇸 rate check by fed
🇺🇸 speculation decline
🇺🇸 rate check
🇯🇵 currency intervention speculation
🇯🇵 intervention expectation rise
🇺🇸 dollar weakness
🇯🇵 currency intervention expectation rise
🇯🇵 interest rate steady
🇯🇵 fiscal deterioration
🇺🇸 tariff rise
🇯🇵 election speculation
🇯🇵 political uncertainty rise
🇯🇵 economic data mixed
🇺🇸 dollar strength
🇨🇳 export restriction imposition
🇺🇸 job opening decline
→🇺🇸 dollar appreciation
🇨🇳 export control
🇯🇵 rate hike expectation rise
🇯🇵 public spending rise
🇯🇵 rate hike expectation rise
🇯🇵 inflation decline
DEC 1 – DEC 31, 2025
🇯🇵 economic growth decline
🇯🇵 fiscal expansion
🇯🇵 treasury yield rise
🇯🇵 interest rate rise
→🇯🇵 inflation rise
→🇯🇵 interest rate rise
🇯🇵 intervention signal
🇯🇵 currency intervention
🇯🇵 interest rate rise
→🇯🇵 inflation rise
→🇯🇵 interest rate rise
🇯🇵 spending rise
🇺🇸 labor market decline
→🇺🇸 interest rate decline
🇯🇵 public spending rise
🌍 interest rate differential rise
🇯🇵 earthquake
🇯🇵 GDP decline
🇯🇵 government support expectation
🇺🇸 production growth decline
→🇺🇸 manufacturing decline
→🇺🇸 rate cut expectation
🌍 profit taking
🇯🇵 rate hike expectation rise
🇯🇵 interest rate speculation
NOV 1 – NOV 30, 2025
🇯🇵 public spending rise
→🇯🇵 currency depreciation
→🇯🇵 inflation rise
→🇯🇵 rate hike expectation rise
🇯🇵 intervention threat
🇯🇵 currency intervention expectation
🇯🇵 stimulus approval
🇯🇵 stimulus announcement
🇯🇵 public spending rise
🇺🇸 government shutdown
→🇺🇸 consumer sentiment decline
→🇺🇸 stock decline
→🌍 risk-off sentiment rise
🇯🇵 interest rate drop expectation
🇯🇵 stimulus expectation
🇺🇸 government shutdown
→🌍 risk rise
🇯🇵 wage rise
🌍 risk asset price decline
🇯🇵 verbal intervention
🇯🇵 finance minister intervention warning
🇺🇸 hawkish monetary policy
🇯🇵 interest rate policy unchanged
OCT 1 – OCT 31, 2025
🇯🇵 election of prime minister
🇯🇵 interest rate steady
🇯🇵 political meeting
🇯🇵 interest rate hike expectation
🇺🇸 political statement
🇯🇵 government statement
🇯🇵 monetary policy uncertainty
🇯🇵 stimulus expectation rise
🇯🇵 fiscal policy expectation
🇺🇸 tariff rise
→🌍 trade tension decline
→🌍 risk appetite rise
🇯🇵 political coalition formation
🇯🇵 monetary policy expectation loose
🇺🇸 data analysis recalibration
→🇺🇸 job decline
→🇺🇸 rate cut expectation
→🌍 safe-haven demand rise
🇯🇵 interest rate hike signal
🇯🇵 political uncertainty rise
🇯🇵 political uncertainty
🇯🇵 fiscal expansion expectation
trade flow shift
🇯🇵 political uncertainty rise
🇺🇸 trade tension decline
🇯🇵 political coalition breakup
🇯🇵 spending expectation rise
🇯🇵 wage growth decline
🇯🇵 leadership change
🇯🇵 election result
🇯🇵 political shift in japan
🇯🇵 political shift
🇯🇵 political leadership change
🇯🇵 political uncertainty
SEP 1 – SEP 30, 2025
🇺🇸 economic data release
🇺🇸 fed caution on rate cuts
🇺🇸 interest rate cut
🇯🇵 lending rate hold
🇺🇸 private sector job decline
→🇺🇸 job market cooling
→🇺🇸 rate cut expectation
🇺🇸 tariff order
→joint statement release
🇺🇸 jobless claim rise
→🇺🇸 interest rate cut likelihood rise
🇯🇵 political resignation
🇺🇸 tariff decline
🇺🇸 job data decline
🇯🇵 political uncertainty
🇺🇸 dollar rise
🇺🇸 demand decline
→🇺🇸 job decline
→🇺🇸 rate cut expectation
🇯🇵 spending rise
AUG 1 – AUG 31, 2025
🇺🇸 dollar strength
🇯🇵 wage rise
→🇯🇵 rate hike expectation rise
🇯🇵 growth rise
🇺🇸 job market cooling
🌍 global risk asset rally
🇺🇸 trade truce extension
→🌍 trade tension decline
🇺🇸 margin decline
→🇺🇸 producer price decline
→🇺🇸 interest rate cut likelihood rise
🇺🇸 tariff rise
🇯🇵 trade decline
JUL 1 – JUL 31, 2025
🇯🇵 interest rate steady
🇺🇸 interest rate steady
🇺🇸 tariff rise
→🇺🇸 lending rate hold
🇺🇸 tariff decline
🇺🇸 tariff imposition
🇺🇸 trade deal
🇯🇵 political uncertainty
🇯🇵 political stability
🇯🇵 election result
🇺🇸 inflation report
🇺🇸 tariff threat
🇺🇸 tariff fear
→🇺🇸 tariff rise
🇺🇸 tariff fear
→🇺🇸 tariff rise
🇯🇵 economic data improvement
🇺🇸 tariff threat rise
🇺🇸 tariff fear
🇯🇵 sentiment improvement
🇯🇵 inflation rise
JUN 1 – JUN 30, 2025
🇺🇸 interest rate outlook decline
🇺🇸 inflation drop
→🇺🇸 interest rate cut likelihood rise
🕌 military tension decline
🇺🇸 conflict rise
→🕌 geopolitical turmoil rise
🕌 war escalation
→🌍 oil price rise
→🇯🇵 inflation rise
🇺🇸 interest rate steady
🌍 geopolitical turmoil rise
🕌 war escalation
→🌍 oil price rise
🇯🇵 tariff negotiation failure
🇯🇵 trade agreement failure
🇯🇵 interest rate steady
🕌 geopolitical turmoil rise
🇺🇸 tariff rise
🇯🇵 GDP revision upward
🇺🇸 tariff threat rise
🇯🇵 inflation drop
MAY 1 – MAY 31, 2025
🇨🇳 tariff decline
→🇺🇸 tariff decline
→🇨🇳 tariff decline
→🇺🇸 tariff decline
🇯🇵 bond issuance reduction
→🇯🇵 bond yield decline
currency appreciation
→🇺🇸 trade talk progress
🇯🇵 bond supply cut expectation
→🇯🇵 bond yield decline
🇯🇵 food cost rise
→🇯🇵 inflation rise
🇺🇸 inflation drop
🇨🇳 trade optimism
🇺🇸 trade optimism
🇺🇸 tariff decline
→🇨🇳 tariff decline
→🇺🇸 tariff decline
→🇨🇳 tariff decline
🇺🇸 tariff decline
→🇨🇳 tariff decline
→🇺🇸 tariff decline
🇺🇸 tariff rise
→🌍 trade worry rise
trade talk
🇺🇸 tariff reduction expectation rise
🇺🇸 trade talk expectation rise
🇺🇸 trade talk progress
→🌍 safe-haven demand decline
🇯🇵 interest rate steady
🇯🇵 wage growth slowdown
APR 1 – APR 30, 2025
🇺🇸 trade talk progress
→🌍 trade tension decline
🇺🇸 policy uncertainty decline
🇺🇸 trade tension decline
🇺🇸 rate hike expectation rise
🇺🇸 trade talk signal
→🌍 sentiment improvement
🇺🇸 tariff exemption
🇨🇳 tariff rise
→🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
→🇨🇳 tariff rise
🇺🇸 asset selloff
🇺🇸 tariff cut
🇪🇺 tariff rise
→🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
🇺🇸 tariff uncertainty
🇺🇸 tariff rise
→🌍 trade war escalation
→🌍 equity decline
→🌍 safe-haven demand rise
🇺🇸 tariff rise
🇯🇵 trade deficit decline
MAR 1 – MAR 31, 2025
🇯🇵 policy tightening expectation
🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
🇺🇸 rate cut expectation
🇯🇵 interest rate steady
🇯🇵 lending rate hold
🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
→🇺🇸 recession fear
🇨🇦 tariff rise
→🇺🇸 tariff rise
→🌍 trade war escalation
→🌍 safe-haven demand rise
🇯🇵 inflation rise
→🇯🇵 rate hike expectation rise
🇺🇸 tariff rise
🇯🇵 inflation rise
🇯🇵 business activity contraction
🇯🇵 retail sales growth decline
🇯🇵 industrial production decline
✉️ Track chains of events as they happen. Free.
FEB 1 – FEB 28, 2025
🇯🇵 wage rise
→🇯🇵 inflation rise
→🇯🇵 rate hike expectation rise
🇯🇵 wage rise
→🇯🇵 inflation rise
🇯🇵 wage rise
→🇯🇵 inflation rise
🌍 geopolitical turmoil rise
🇺🇸 tariff rise
→🇺🇸 inflation rise
→🇺🇸 interest rate cut delay
🇯🇵 growth rise
🇺🇸 inflation expectation decline
🇺🇸 tariff rise
→🇺🇸 inflation rise
🇯🇵 interest rate guidance absence
🇲🇽 tariff rise
→🇺🇸 tariff rise
→🇨🇳 tariff rise
→🇺🇸 tariff rise
🇯🇵 wage rise
→🇯🇵 rate hike expectation rise
🇯🇵 wage rise
→🇯🇵 rate hike expectation rise
🇺🇸 tariff halt
🇲🇽 tariff rise
→🇺🇸 tariff rise
🇯🇵 inflation drop
JAN 1 – JAN 31, 2025
🇺🇸 tariff decline
→🌍 safe haven demand decline
🇺🇸 interest rate steady
🇺🇸 tariff fear
🇺🇸 tariff rise
🇯🇵 labor shortage
→🇯🇵 inflation rise
→🇯🇵 interest rate rise
🇯🇵 interest rate rise
→🇯🇵 inflation rise
→🇯🇵 interest rate rise
🇯🇵 government commitment to currency support
🇯🇵 machinery order rise
🇯🇵 hawkish monetary policy
🇯🇵 government intervention expectation
🇯🇵 inflation rise
→🇯🇵 interest rate rise
→🇯🇵 inflation rise
→🇯🇵 rate hike expectation rise
🇯🇵 inflation rise
→🇯🇵 interest rate rise
→🇯🇵 inflation rise
→🇯🇵 rate hike expectation rise
🇯🇵 interest rate speculation
🇯🇵 inflation outlook rise
🌍 geopolitical turmoil rise
→🌍 safe-haven demand rise
🇺🇸 job market strength
→🇺🇸 rate hike expectation rise
🇯🇵 interest rate hike uncertainty
🇯🇵 interest rate uncertainty
🇺🇸 inflation rise
→🇺🇸 rate cut expectation decline
🇯🇵 interest rate rise expectation
🇯🇵 trade deficit rise
DEC 1 – DEC 31, 2024
🇯🇵 interest rate outlook shift
🇺🇸 jobless claim rise
→🇺🇸 treasury yield rise
🇯🇵 subsidy decline
→🇯🇵 inflation rise
🇯🇵 rate cut expectation
🌍 interest rate differential
🇺🇸 dollar strength
🇯🇵 interest rate steady
🇺🇸 inflation data release
→🇺🇸 interest rate cut
🇯🇵 interest rate hike expectation decline
🇯🇵 interest rate hike uncertainty
🇺🇸 rate cut expectation
🇺🇸 tariff threat
→🇺🇸 dollar appreciation
🇯🇵 interest rate rise uncertainty
🇯🇵 capital expenditure rise
→🇯🇵 rate hike expectation rise
🇯🇵 bonus payment rise
→🇯🇵 wage rise
🇯🇵 machinery order decline
NOV 1 – NOV 30, 2024
🇺🇸 economic risk decline
→🇯🇵 rate hike expectation rise
🇺🇸 tariff threat
🇯🇵 economic data decline
🇺🇸 retail sales rise
→🇺🇸 rate hike expectation rise
🇯🇵 verbal intervention
🇯🇵 currency intervention expectation
🇺🇸 economic risk decline
→🇯🇵 rate hike expectation rise
🇺🇸 rate hike expectation rise
🇺🇸 election likelihood rise
→🇺🇸 dollar appreciation
🇯🇵 political uncertainty
→🇯🇵 policy uncertainty
🇺🇸 interest rate decline
🇺🇸 election result
🇺🇸 rate cut expectation
🇺🇸 dollar weakness
🇯🇵 central bank communication
OCT 1 – OCT 31, 2024
🇯🇵 lending rate hold
🇯🇵 spending stagnation
🇯🇵 trade decline
🇯🇵 policy uncertainty rise
🇯🇵 interest rate hike expectation decline
🇯🇵 election result
🇯🇵 political uncertainty
🇺🇸 rate cut expectation
🇯🇵 inflation drop
🇯🇵 wage growth decline
→🇯🇵 rate hike expectation rise
🇯🇵 interest rate rise opposition
🇯🇵 monetary policy signal
🇺🇸 interest rate expectation shift
🇺🇸 job market improvement
→🇺🇸 rate cut expectation decline
🇺🇸 factory activity decline
→🇺🇸 inflation rise
→🇺🇸 rate cut expectation decline
🇺🇸 us job data positive
→🇺🇸 rate cut expectation decline
🇺🇸 fed rate cut expectation decline
🇯🇵 interest rate hike halt expectation
🇺🇸 rate hike expectation decline
🇺🇸 retail sales rise
→🇺🇸 rate cut expectation decline
🇯🇵 new order decline
→🇯🇵 manufacturing decline
→🇯🇵 private sector decline
🇯🇵 monetary policy accommodation
🇯🇵 economic slowdown
SEP 1 – SEP 30, 2024
🇯🇵 political leadership change
🇺🇸 inflation slowdown
→🇺🇸 rate cut expectation decline
🇯🇵 boj signals no rush to hike rates
🇺🇸 interest rate hike expectation decline
🇯🇵 lending rate hold
🇯🇵 lending rate hold
🇺🇸 interest rate rise
→🇺🇸 manufacturing decline
→🇺🇸 interest rate decline
🇺🇸 interest rate cut
🇺🇸 retail sales rise
🇯🇵 interest rate rise expectation
🇺🇸 job growth
→🇺🇸 rate cut expectation decline
🇺🇸 job growth decline
→🇺🇸 rate cut expectation
🇯🇵 wage rise
🇺🇸 us factory data decline
🇯🇵 yield rise
🇯🇵 rate hike expectation rise
🇺🇸 interest rate rise expectation decline
🇯🇵 inflation drop
AUG 1 – AUG 31, 2024
🇯🇵 monetary tightening
🇺🇸 unemployment rise
→🇺🇸 rate cut expectation
🇯🇵 interest rate rise
→🇯🇵 wage rise
→🇯🇵 inflation rise
🇺🇸 job decline
→🇺🇸 rate cut expectation
🇯🇵 political uncertainty rise
🇺🇸 producer price decline
🇯🇵 yen carry trade decline
🇺🇸 economic data improvement
🇺🇸 jobless claim decline
→🇺🇸 rate cut expectation decline
🇺🇸 jobless claim decline
🇯🇵 currency intervention
🇯🇵 rate hike expectation rise
🇯🇵 monetary tightening expectation
🇯🇵 interest rate rise expectation decline
🇪🇺 monetary policy tightening
🇺🇸 economic slowdown fear
🇯🇵 bond purchase reduction announcement
🇯🇵 interest rate rise
JUL 1 – JUL 31, 2024
🇯🇵 producer cost rise
→🇯🇵 inflation rise
→🇯🇵 rate hike expectation rise
🌍 carry trade unwinding
🇺🇸 trade restriction threat
→🌍 stock decline
→🌍 safe-haven buying
🌍 safe-haven demand rise
🇯🇵 rate hike expectation rise
🌍 yield gap widening
🇯🇵 government intervention
🇺🇸 inflation drop
🇺🇸 interest rate differential narrowing
🇯🇵 currency intervention
🇯🇵 interest rate rise
🇯🇵 bond purchase taper
🇺🇸 interest rate cut delay
🌍 interest rate differential rise
🌍 interest rate differential rise
🇺🇸 economic resilience
🇺🇸 interest rate differential rise
🇺🇸 political uncertainty rise
🇯🇵 interest rate rise
🇯🇵 interest rate hike expectation
🇯🇵 monetary policy normalization
JUN 1 – JUN 30, 2024
🌍 monetary policy divergence
🇯🇵 bond purchase continuation
🇯🇵 interest rate hike uncertainty
🇯🇵 interest rate policy uncertainty
🇯🇵 monetary policy delay
🇯🇵 interest rate steady
🇯🇵 policy inaction
🌍 safe-haven demand rise
🇯🇵 lending rate hold
MAY 1 – MAY 31, 2024
🇺🇸 lending rate hold
→🇺🇸 inflation persistence
→🇺🇸 rate hike expectation rise
🇯🇵 real wage decline
→🇯🇵 monetary policy normalization delay
🇺🇸 interest rate differential rise
🇺🇸 job market softening
→🇺🇸 rate cut expectation
🌍 interest rate differential rise
🇯🇵 bond purchase unchanged
🇯🇵 currency intervention
🇯🇵 interest rate decline
APR 1 – APR 30, 2024
🇯🇵 currency intervention
🇯🇵 interest rate steady
🇯🇵 rate hike expectation rise
🇯🇵 currency intervention expectation
🇺🇸 monetary policy divergence
🇮🇷 oil supply disruption risk rise
→🌍 oil price rise
→🇺🇸 inflation rise
→🇺🇸 rate hike expectation rise
🇺🇸 unemployment decline
→🇺🇸 interest rate rise
🇮🇷 oil supply disruption risk rise
→🌍 oil price rise
→🇺🇸 rate cut expectation decline
🇺🇸 interest rate differential
🇺🇸 strong economic data
🇯🇵 monetary policy accommodation
🇺🇸 hawkish monetary comments
🇯🇵 verbal intervention
🇺🇸 inflation drop
🇯🇵 monetary easing
🇯🇵 inflation drop
MAR 1 – MAR 31, 2024
🇯🇵 economic contraction
🇯🇵 monetary easing
🇯🇵 treasury yield rise
→🇯🇵 monetary tightening
🇺🇸 job market slowdown
→🇺🇸 rate cut expectation
🇯🇵 interest rate cut expectation
🇯🇵 interest rate rise
🇯🇵 wage rise
→🇯🇵 policy tightening expectation
🇺🇸 monetary tightening expectation rise
🇯🇵 wage rise
🇺🇸 inflation rise
→🇺🇸 rate cut expectation decline
🇯🇵 wage rise
→🇯🇵 rate hike expectation rise
🇯🇵 interest rate rise
🇯🇵 central bank statement
FEB 1 – FEB 29, 2024
🇯🇵 cost rise
→🇯🇵 consumption decline
→🇯🇵 economic contraction
🌍 interest rate differential
🇯🇵 service sector slowdown
🇯🇵 economic size decline
🇺🇸 inflation rise
🇯🇵 interest rate outlook decline
🇺🇸 central bank communication
🇺🇸 economic data release
🇯🇵 output decline
→🇯🇵 manufacturing decline
JAN 1 – JAN 31, 2024
🇯🇵 unemployment decline
🇺🇸 inflation rise
→🇺🇸 rate hike expectation rise
🇯🇵 monetary policy unchanged
🇯🇵 earthquake occurrence
→🇯🇵 interest rate drop expectation
🌍 input cost rise
→🇺🇸 inflation rise
→🇺🇸 interest rate expectation shift
🇺🇸 retail sales rise
🇯🇵 monetary easing
🇺🇸 job market strength
→🇺🇸 rate cut expectation decline
🇯🇵 interest rate rise expectation decline
✉️ Track chains of events as they happen. Free.