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XAU/USD 4274.4 −0.29%XAG/USD 67.39 +1.12%WTI · via USO 144.08 −2.75%EUR/USD 1.1372 −0.11%GBP/USD 1.3227 −0.10%USD/JPY 157.90 −0.28%AUD/USD 0.7112 −0.08%USD/CAD 1.4065 +0.23%EUR/GBP 0.8579 +0.05%BTC/USD 83968 −0.51%ETH/USD 2753 −0.80%S&P 500 · via SPY 767.81 −0.72%Nasdaq 100 · via QQQ 741.21 −0.84%EuroStoxx 50 · via FEZ 67.96 −1.55%FTSE 100 · via ISF 1044p +0.85%DAX 40 · via EXS1 210.85 +1.10%XAU/USD 4274.4 −0.29%XAG/USD 67.39 +1.12%WTI · via USO 144.08 −2.75%EUR/USD 1.1372 −0.11%GBP/USD 1.3227 −0.10%USD/JPY 157.90 −0.28%AUD/USD 0.7112 −0.08%USD/CAD 1.4065 +0.23%EUR/GBP 0.8579 +0.05%BTC/USD 83968 −0.51%ETH/USD 2753 −0.80%S&P 500 · via SPY 767.81 −0.72%Nasdaq 100 · via QQQ 741.21 −0.84%EuroStoxx 50 · via FEZ 67.96 −1.55%FTSE 100 · via ISF 1044p +0.85%DAX 40 · via EXS1 210.85 +1.10%

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USD/JPY is a bond trade

published 13:17 · updated never, that’s the point

USDJPY — prices, shape and the desk →

SOFR 3.87% · 22 Sept 2026 · NY Fed

The pair reads like an FX chart and behaves like a bond spread.

USD/JPY tracks the gap between US and Japanese government bond yields so closely that traders who ignore the bond market are reading half the chart, since a shift in that yield gap moves the pair long before any currency-specific headline does.