Here is the breakdown of the Japanese Yen (JPY) against the US Dollar (USD) over the past 10 years, alongside exchange rates and Year-over-Year (YoY) percentage changes for other major global currencies against the USD: Euro (EUR), British Pound (GBP), Australian Dollar (AUD), Chinese Yuan (CNY), and Indian Rupee (INR).
1. USD/JPY Exchange Rate Movement (10-Year Trend)
Below is a visual representation of the USD/JPY calendar year-end exchange rate trajectory from 2016 through 2025.
Note: An upward trajectory indicates USD strengthening / JPY weakening (it takes more Yen to buy 1 USD).
USD/JPY Calendar Year-End Rate (2016 – 2025)
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Year | Rate (JPY per 1 USD)
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2016 | 116.49 =====================================>
2017 | 112.69 ===================================>
2018 | 109.60 =================================>
2019 | 108.61 ================================>
2020 | 103.25 =============================>
2021 | 115.08 ====================================>
2022 | 131.12 =================================================>
2023 | 141.04 =======================================================>
2024 | 157.25 ===============================================================>
2025 | 156.50 =============================================================="
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2. Major Currencies vs. USD & YoY % Change (Past 10 Years)
Rates represent the market closing exchange rates as of December 31 of each calendar year.
Direct Quote Pairs (EUR, GBP, AUD): Measured as USD per 1 Unit of Foreign Currency (higher = foreign currency strengthened).
Indirect Quote Pairs (JPY, CNY, INR): Measured as Foreign Currency Units per 1 USD (higher = foreign currency weakened).
YoY % Change: Measures the strength/weakness of the foreign currency relative to the USD year-over-year (+% indicates currency appreciation against USD; -% indicates depreciation).
| Year | USD / JPY | JPY YoY % | EUR / USD | EUR YoY % | GBP / USD | GBP YoY % | AUD / USD | AUD YoY % | USD / CNY | CNY YoY % | USD / INR | INR YoY % |
| 2016 | 116.49 | -2.7% | 1.0517 | -3.2% | 1.2340 | -19.4% | 0.7208 | -1.1% | 6.9450 | -6.6% | 67.92 | -2.6% |
| 2017 | 112.69 | +3.3% | 1.2005 | +14.1% | 1.3512 | +9.5% | 0.7809 | +8.3% | 6.5063 | +6.3% | 63.87 | +6.0% |
| 2018 | 109.60 | +2.7% | 1.1467 | -4.5% | 1.2754 | -5.6% | 0.7049 | -9.7% | 6.8755 | -5.4% | 69.77 | -8.5% |
| 2019 | 108.61 | +0.9% | 1.1213 | -2.2% | 1.3257 | +3.9% | 0.7021 | -0.4% | 6.9632 | -1.3% | 71.38 | -2.3% |
| 2020 | 103.25 | +4.9% | 1.2217 | +9.0% | 1.3673 | +3.1% | 0.7694 | +9.6% | 6.5250 | +6.3% | 73.07 | -2.4% |
| 2021 | 115.08 | -11.5% | 1.1370 | -6.9% | 1.3532 | -1.0% | 0.7263 | -5.6% | 6.3570 | +2.6% | 74.34 | -1.7% |
| 2022 | 131.12 | -13.9% | 1.0705 | -5.8% | 1.2083 | -10.7% | 0.6813 | -6.2% | 6.8972 | -7.8% | 82.72 | -10.1% |
| 2023 | 141.04 | -7.6% | 1.1039 | +3.1% | 1.2731 | +5.4% | 0.6812 | -0.0% | 7.0999 | -2.8% | 83.21 | -0.6% |
| 2024 | 157.25 | -11.5% | 1.0385 | -5.9% | 1.2515 | -1.7% | 0.6225 | -8.6% | 7.2980 | -2.8% | 85.54 | -2.8% |
| 2025 | 156.50 | +0.5% | 1.0480 | +0.9% | 1.2530 | +0.1% | 0.6350 | +2.0% | 7.2850 | +0.2% | 85.90 | -0.4% |
Key Macro Trends Observed
Yen Weakness (2021–2024): The Japanese Yen experienced historic multi-decade depreciation against the US Dollar between 2021 and 2024, driven by the widening yield gap between the Federal Reserve's aggressive interest rate hikes and the Bank of Japan's persistent ultra-loose monetary policy (Negative Interest Rate Policy / Yield Curve Control).
USD Dominance in 2022: The US Dollar strengthened across almost all major currency pairs in 2022 as global inflation spiked and the Federal Reserve tightened monetary conditions faster than most peer central banks.
Emerging & Commodity Currency Dynamics: The Chinese Yuan and Indian Rupee faced steady structural adjustments against the USD over the decade, reflecting shifting trade balances and capital flows.
Sources
Federal Reserve Economic Data (FRED): Board of Governors of the Federal Reserve System (US), Foreign Exchange Rates H.10 Release (USD/JPY, USD/EUR, USD/GBP, USD/AUD, USD/CNY historical series).
Bank of Japan (BoJ): Financial and Economic Statistics Monthly – Foreign Exchange Market Rates.
European Central Bank (ECB): Euro Foreign Exchange Reference Rates historical archive.
Reserve Bank of India (RBI): Reference Rates & Financial Market Data Archives.
International Monetary Fund (IMF): International Financial Statistics (IFS) Exchange Rates Database.
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