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.

Yen157.03▼ 1.6% · 30d · 23 chains
2026-05-01: 2 bull · 0 bear2026-04-30: 2 bull · 0 bear2026-04-28: 4 bull · 0 bear2026-04-27: 0 bull · 2 bear2026-04-24: 0 bull · 1 bear2026-04-23: 0 bull · 1 bear2026-04-21: 1 bull · 1 bear2026-04-21: 1 bull · 1 bear2026-04-20: 0 bull · 1 bear2026-04-17: 0 bull · 1 bear2026-04-16: 3 bull · 0 bear2026-04-13: 0 bull · 1 bear2026-04-08: 1 bull · 0 bear2026-04-07: 0 bull · 1 bear2026-04-03: 0 bull · 1 bear
APR 2APR 13APR 22MAY 1

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MAY 1 – MAY 31, 2026
MAY 1 Closed: −1.97%
🇯🇵 Currency Intervention 2026-05-01
YEN ▲ 2026-05-01
Suspected intervention by Japan's finance ministry caused the yen to strengthen against the dollar.
APR 30 Closed: +0.4%
🇯🇵 Central Bank Intervention 2026-04-30
YEN ▲ 2026-04-30
Central bank intervention strengthens the yen by increasing demand for the currency.
APR 28 Closed: −0.14%
🇺🇸 Diplomacy Setbacks 2026-04-27
🌍 Oil Price Rise 2026-04-27
Stalled peace talks raised supply disruption fears, pushing oil prices higher.
🇯🇵 Inflation Expectation Rise 2026-04-28
Higher crude oil prices increase energy and goods costs, pushing inflation forecasts up.
🇯🇵 Interest Rate Hold 2026-04-28
Higher inflation outlook makes the BOJ more likely to raise rates, but they held steady this time.
YEN ▲ 2026-04-28
The BOJ kept rates unchanged but signaled future hikes, boosting yen demand.
🇯🇵 Interest Rate Decision 2026-04-28
YEN ▲ 2026-04-28
The BOJ kept rates unchanged, which was expected, and the yen strengthened.
APR 27
🇺🇸 Diplomacy Setbacks 2026-04-27
🌍 Oil Price Rise 2026-04-27
Stalled peace talks raised supply disruption fears, pushing oil prices higher.
YEN ▼ 2026-04-27
Surging oil prices weaken the yen by increasing import costs and trade deficit.
APR 1 – APR 30, 2026
MAY 1 Closed: +0.37%
🇯🇵 Currency Intervention 2026-05-01
YEN ▲ 2026-05-01
Suspected intervention by Japan's finance ministry caused the yen to strengthen against the dollar.
APR 30 Closed: +0.37%
🇯🇵 Central Bank Intervention 2026-04-30
YEN ▲ 2026-04-30
Central bank intervention strengthens the yen by increasing demand for the currency.
APR 28 Closed: −0.13%
🇺🇸 Diplomacy Setbacks 2026-04-27
🌍 Oil Price Rise 2026-04-27
Stalled peace talks raised supply disruption fears, pushing oil prices higher.
🇯🇵 Inflation Expectation Rise 2026-04-28
Higher crude oil prices increase energy and goods costs, pushing inflation forecasts up.
🇯🇵 Interest Rate Hold 2026-04-28
Higher inflation outlook makes the BOJ more likely to raise rates, but they held steady this time.
YEN ▲ 2026-04-28
The BOJ kept rates unchanged but signaled future hikes, boosting yen demand.
🇯🇵 Interest Rate Decision 2026-04-28
YEN ▲ 2026-04-28
The BOJ kept rates unchanged, which was expected, and the yen strengthened.
APR 27 Closed: −0.14%
🇺🇸 Diplomacy Setbacks 2026-04-27
🌍 Oil Price Rise 2026-04-27
Stalled peace talks raised supply disruption fears, pushing oil prices higher.
YEN ▼ 2026-04-27
Surging oil prices weaken the yen by increasing import costs and trade deficit.
APR 24 Closed: +0.16%
🇺🇸 Military Strike 2026-04-24
🌍 Fuel Price Rise 2026-04-24
Tensions and blockades in the Strait of Hormuz disrupted oil supply, pushing energy prices higher.
YEN ▼ 2026-04-24
Higher energy costs hurt Japan's trade balance, weakening the yen.

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APR 23 Closed: +0.07%
🇯🇵 Interest Rate Hold 2026-04-23
YEN ▼ 2026-04-23
The Bank of Japan kept rates unchanged, disappointing markets expecting a hike, weakening the yen.
🇯🇵 Input Cost Inflation Rise 2026-04-23
A weaker yen makes imported raw materials, fuel, and energy more expensive, raising costs for Japanese businesses.
APR 21 Closed: −0.2%
🕌 War De-Escalation 2026-04-17
🌍 Oil Price Decline 2026-04-17
Military de-escalation in the Middle East reduced supply disruption fears, causing oil prices to fall.
YEN ▲ 2026-04-21
Lower oil prices reduce Japan's import costs, making the yen more valuable.
🇯🇵 Interest Rate Uncertainty 2026-04-21
YEN ▼ 2026-04-21
Uncertainty about future interest rate hikes makes the yen less attractive to investors.
🇯🇵 Input Cost Inflation Rise 2026-04-23
A weaker yen makes imported raw materials, fuel, and energy more expensive, raising costs for Japanese businesses.
APR 20 Closed: +0.28%
🇺🇸 Military Strike 2026-04-20
🌍 Fuel Price Rise 2026-04-20
US military action against Iran disrupted oil shipping routes, reducing supply and pushing prices higher.
YEN ▼ 2026-04-20
Higher oil prices increase costs for oil-importing countries like Japan, weakening their currency.
🇯🇵 Input Cost Inflation Rise 2026-04-23
A weaker yen makes imported raw materials, fuel, and energy more expensive, raising costs for Japanese businesses.
APR 17 Closed: +0.24%
🇯🇵 Central Bank Communication 2026-04-17
YEN ▼ 2026-04-17
The central bank governor's unclear remarks on interest rates caused the yen to weaken against the dollar.
🇯🇵 Input Cost Inflation Rise 2026-04-23
A weaker yen makes imported raw materials, fuel, and energy more expensive, raising costs for Japanese businesses.
APR 16 Closed: +0.01%
🇺🇸 Diplomatic Negotiation Progress 2026-04-14
🇺🇸 Dollar Decline 2026-04-14
Optimism about US-Iran negotiations reduces safe-haven demand for the dollar.
YEN ▲ 2026-04-16
A weaker US dollar and softer oil prices made the Japanese yen more valuable relative to other currencies.
🇯🇵 Currency Intervention Expectation 2026-04-16
YEN ▲ 2026-04-16
Expectations that authorities might intervene to support the yen caused the currency to strengthen.
🇺🇸 War De-Escalation 2026-04-14
🌍 Oil Price Decline 2026-04-14
Expectations of a ceasefire and possible reopening of the Strait of Hormuz weighed on oil prices.
YEN ▲ 2026-04-16
Lower oil prices reduce Japan's import costs, strengthening the yen.

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APR 13 Closed: +0.36%
🇺🇸 Military Strike 2026-04-13
🌍 Fuel Price Rise 2026-04-13
US threats to blockade a key oil shipping route caused global oil prices to surge.
YEN ▼ 2026-04-13
Higher oil prices increase Japan's import costs, weakening the yen.
🇯🇵 Business Confidence Decline 2026-04-15
A weaker yen increases import costs and uncertainty, making businesses more cautious about future spending.
APR 8 Closed: −0.61%
🕌 War De-Escalation 2026-04-08
YEN ▲ 2026-04-08
A ceasefire in the Middle East reduced global risk, making the safe-haven yen more attractive.
APR 7 Closed: −0.06%
🇺🇸 Military Strike 2026-04-07
🌍 Fuel Price Rise 2026-04-07
Ongoing war tensions with Iran create supply concerns, pushing oil prices higher.
YEN ▼ 2026-04-07
Higher oil prices increase Japan's import costs, weakening its currency.
🇯🇵 Inflation Expectation Rise 2026-04-07
A weak yen makes imported goods more expensive, pushing up overall prices in Japan.
🇯🇵 Treasury Yield Rise 2026-04-10
Expectations of future inflation are causing investors to demand higher yields on government bonds.
APR 3 Closed: +0.51%
🇺🇸 Military Strike 2026-03-30
🌍 Fuel Price Rise 2026-03-30
Middle East conflict disrupts shipping routes and threatens oil supplies, pushing global oil prices higher.
🇯🇵 Inflation Expectation Rise 2026-03-30
Rising oil prices increase import costs, which pushes up consumer prices.
YEN ▼ 2026-04-03
Uncertainty about future inflation and interest rates is weakening the yen's value.
🇯🇵 Inflation Expectation Rise 2026-04-07
A weak yen makes imported goods more expensive, pushing up overall prices in Japan.
🇯🇵 Treasury Yield Rise 2026-04-10
Expectations of future inflation are causing investors to demand higher yields on government bonds.
APR 1 Closed: −0.79%
🇺🇸 War De-Escalation 2026-03-31
🇮🇷 War De-Escalation 2026-03-31
The US suspending attacks on Iran reduces immediate conflict, creating conditions for potential peace talks.
YEN ▲ 2026-04-01
Market optimism about potential Middle East peace talks made investors buy Japanese yen.
🇺🇸 Military Operation De-Escalation 2026-04-01
YEN ▲ 2026-04-01
Market optimism about a potential Middle East de-escalation made the yen more attractive to investors.

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MAR 31 Closed: −0.25%
🕌 Oil Price Rise 2026-03-31
YEN ▼ 2026-03-31
Higher oil import costs weaken Japan's currency because it spends more dollars to buy oil.
🇯🇵 Input Cost Inflation Rise 2026-04-01
A weaker yen makes imported materials and energy more expensive, raising production costs.
MAR 30 Closed: −0.04%
🇯🇵 Currency Intervention Warning 2026-03-30
YEN ▲ 2026-03-30
Government warnings about potential currency intervention made traders buy yen, pushing its value higher.

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