USD to JPY in 2025: the year in numbers
Updated September 26, 2026
The dollar averaged 149.66 Japanese yen in 2025, based on 255 cross rates calculated from European Central Bank fixings. It began and ended the year at almost the same level, 157 on the first fixing and 156.67 on the last, a change of 0.21%. In between, the rate made a deep dip and a full recovery.
A V-shaped year
The high of the year came early: 158.41 on January 8. From there the yen strengthened for three months. April was the turning point, with a monthly average of 144.21 and the low of the year, 140.34, on April 22. May and June stayed low, at 144.67 and 144.6.
From July the dollar recovered steadily: 146.91 in July, 147.7 in August, 147.93 in September, then a faster climb to 151.47 in October, 155.12 in November and 155.86 in December.
The year in numbers
| Month | Average | Low | High | Last rate |
|---|---|---|---|---|
| January | 156.39 | 154.05 | 158.41 | 154.9 |
| February | 151.83 | 149.42 | 155.32 | 150.76 |
| March | 149.14 | 146.97 | 151.29 | 149.42 |
| April | 144.21 | 140.34 | 149.24 | 143.04 |
| May | 144.67 | 142.58 | 148.14 | 143.72 |
| June | 144.6 | 142.73 | 147.55 | 144.34 |
| July | 146.91 | 142.85 | 149.85 | 149.85 |
| August | 147.7 | 146.54 | 150.48 | 147.3 |
| September | 147.93 | 146.39 | 149.75 | 147.99 |
| October | 151.47 | 146.78 | 154.43 | 154.18 |
| November | 155.12 | 153.09 | 157.61 | 156.12 |
| December | 155.86 | 154.61 | 157.32 | 156.67 |
The yearly average of 149.66 was 1.17% below the 2024 average of 151.43.
What the V shape means for different people
Visitors to Japan paid in dollars. A trip in April or May 2025 gave the fewest yen per dollar. Travellers in December got about as many yen per dollar as in January. For planning, this shows that the level can move by more than ten yen in a few months even when the year ends where it started.
Japanese companies buying in dollars. Dollar invoices were cheapest in yen during the spring. Importers who bought dollars in April paid noticeably fewer yen than those who bought in January or December.
Exporters from Japan. Revenue in dollars converted into the most yen at the start and end of the year.
Why the yearly average can mislead
With a V-shaped year, the average of 149.66 is a rate that the market actually spent only a few weeks near. For accounting, the average is still the standard choice for income items where policy allows it. For forecasts, the monthly averages and the range from 140.34 to 158.41 describe the year much better than a single number.
The widest months
The monthly low and high columns show where the year was most volatile. April stands out: the rate travelled from 140.34 to 149.24 within the month. October was also wide, from 146.78 to 154.43, as the dollar's recovery gathered speed. Quieter months such as September, which stayed between 146.39 and 149.75, are the exception rather than the rule for this pair. When planning a payment in yen, it is safer to assume a monthly swing of several yen than to expect the rate to stay put.
Planning ahead
When a currency pair can travel this far within one year and return, fixing a budget rate for the full year carries risk. Reviewing the rate quarterly, and matching the timing of large conversions to known payment dates rather than to guesses about direction, keeps surprises smaller.
What to do
- Explore every month on USD/JPY in 2025: monthly table.
- Compare the start and end of the year on USD/JPY in January 2025 and USD/JPY in December 2025.
- For annual reports, use the average of 149.66 for income items and the last fixing of 156.67 for year-end balances, if your policy allows.
- Check the USD to JPY exchange rate today before planning a trip or a payment.
Questions and answers
What was the average USD to JPY rate in 2025?
The dollar averaged 149.66 yen in 2025, based on 255 ECB cross rates.
When was the yen strongest against the dollar in 2025?
The lowest USD/JPY fixing was 140.34 yen on April 22, 2025, and April had the lowest monthly average at 144.21.
Did the dollar end 2025 higher or lower against the yen?
Slightly lower. It moved from 157 on the first fixing to 156.67 on the last, a change of 0.21%.