USD to JPY is the second most traded major currency pair. It accounts for nearly one fifth of the average daily turnover on the global forex marketplace, according to research from the Bank for International Settlements. As USD to JPY is noted for low spreads and is often guided by events in the volatile Asian markets, it can offer attractive profit potential for traders.
Japan is one of the world’s largest net exporters, which means USD to JPY – or the “Gopher” as it’s known – can be affected by the intervention of the Bank of Japan (BoJ) to keep the value of the yen low. This does, however, conflict with the country’s reliance on importing fuel and other commodities to maintain its position as one of the most prominent industrialized nations.